This is interesting. Nifty has been hugging the 45 degree upwards timeline, all this while from August 2013. Whenever there was a breach, it was a small affair, lasting some weeks, and then it was back again over the 45 line.
Same is the case now also. Nifty has strengthened above the 45 degree line
Weekly momentum has reached the oversold territory but is yet to turn up. Once it does, then Nifty will be showing strength above the 45 line.
That would mean that the uptrend continues.
Downside risk will increase if Nifty breaks 7800.