Sharp fall as shown by the downtrending channel. Nifty needs to trade above 4894 tomorrow to stage a recovery. Today's candle formed an Inside Day pattern with high at 4962 and low at 4875.The inside day occurs when the entire daily price range for a given security falls within the price range of the previous day.It signals indecision because neither the bulls nor the bears are able to send the price beyond the range of the previous day.However , if an inside day is found at the end of a prolonged downtrend and is located near a level of support, it can be used to signal a bullish shift in trend.
Half Hourly Chart
Flag formation in today's trade showing possibility of a resumption of the short term uptrend.
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