Weekly charts show a higher high higher low candle keeping the bias up.The small bodied candle with a slightly longer upper shadow shows the rise may stall for a correction.The daily charts turned bearish with the big bearish candle on Friday breaking below the rising wedge.The candle closed the gap made two sessions before and closed near the lows. The rising wedge break gives a target of 4623.
Weekly oscillators are all moving up from oversold levels indicating any fall could be limited. The daily stochastics has moved down in sell mode from overbought levels and the Rsi 14 has turned down from the 50 level indicating the correction to the recent upmove may continue.
Key support at 4944-4928. If breaks Nifty can head to 4623 and if holds can resume upmove to target 5359.
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