The latest surge can be seen as the third wave of a bullish movement that could last till the end of the year. The first wave found support after a 50% retracement of the initial impulse. The index is testing the critical resistance level of 12650 on the daily chart. While there is no sign of pullback yet, a doji at today's close could be a heads-up. The moving averages may act as an area of congestion where trend-followers would be getting in at a discount.