Gave a positive feeling in the last hour of trade with a fantastic 100 point recovery from the low then at 4668 to 4771 ! The daily candle though failed to make even a higher high and higher low keeping the bias negative.The Nifty is at crossroads with the bulls acitvely guarding the 4650 levels and the bears trying their best to break below it.
A pullback is overdue with the stochastics and Rsi14 in oversold territory and the Rsi14 showing positive divergence.Logically, the lower end of the falling channel should be tested before the next leg up. If fails to test then would amount to 'return failure' which in this case is bullish.
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