Colored adb shell, adb over wifi and more

First install bash as your shell on Android (Refer my older posts here).
Then, download adb putty from here (Link: https://github.com/sztupy/adbputty/downloads)
Download this nifty app from Play store and install it.
Run the app on the phone.
Now, run the following adb command:

adb connect 192.168.2.54:5555

where 192.168.2.54 is the phone’s ip as set by the wifi modem or router (It’s always best to assign IP instead of relying on DHCP)
Now run:

adb shell

If you would like to use adb putty (It provides support for bash colors, ls colors etc):
In adb putty set the following:

Hostname/IP: transport-192.168.2.54:5555
Port: 5037
Connection type: adb