Yesterday I wrote, " Bears have an upper hand till the down trending channel is broken out decisively". The Bears did take advantage of yesterday's ominous looking candle, sending the Nifty in a violent downfall of 166 points. The direction was just one way with the close managing only a 30 point recovery.
To be able to attempt a recovery, Bulls need a close above 4947 , a level above which Nifty has not been able to sustain since last 4 days. . Failing to recover above this point will make it easier for bears to slide to 4675-4615 levels.
A falling wedge has emerged which is a bullish pattern which has support at 4770 and resistance at 4975.
Happy Trading !!