NIFTY
I have spotted a similar pattern occurring before also. The green rectangle is the pattern on weekly (iFVG). After the pattern, the markets have given an aprrox of 15% return. This time to fuel the rally can be FED and RBI rate cuts. It is important to notice other key data factors also. The markets have consolidated/ corrected the entire March due to corporate closing of fiscal year, global cues, mutual funds stress testing and many more reasons. However, foreign portfolio investors (FPI) have built a position of 38,000cr in the march month alone. Whereas, in January and February, FPI were net sellers.
If we study option data, during the March month, there were heavy purchasing of OTM calls bought with strike price of 22500 and 23000 - this was a bullish sign since 18th March. I have slowly been building my positions in stocks such as Adani Power, BIGBLOC, IRFC and WELSPUNLIV (not a buy sell reco).
I am not saying there is a guarantee the markets will rise, however, the probability is higher for the markets to rally. It is better to build positions in fundamentally strong + growth stocks or in ETFs/ Mutual Funds.