The support of 4904 held . If this gives way then the uptrendline from March lows, which has support at 4895, will be under threat . A faster retracement of the entire fall will lead to higher levels.
Daily oscillators have not moved down much from the overbought region and this is a sign of strength.
Half Hourly Chart
The recovery just fell short of the 61.8% retracement level of the fall. The 200ema provided good support. All the moving averages barring the 5 ema and 200ema are bearishly aligned.The bounce has some more upside as the oscillators are in neutral territory after moving up from oversold zone.
The startegy of remaining neutral continues till we have more clarity about the direction.
Happy Trading !!