Weekly candle has a long lower shadow maintaining above the uptrendline drawn from 2008 lows of 2252.This shows good buying support at this support.However a lower high and low were made for the week.Stochastics is in oversold zone but Rsi14 is yet to reach the same. Macd has given a downtick below zero line.This indicates more selling may come.
Bullish candle on the daily charts taking support at the 76.4 % (4790) retracement level of the rise from 4531 lows to 5620 highs and 38.2% retracement level (4777) of the rise from 2008 lows to 6338 highs.This is encouraging as it was a fibonacci confluence level.Therefore a bounce from such a strong level may be strong too.Oscillators have turned up from the oversold region indicating the bounce may continue.
Half Hourly Chart
Half hourly charts show a close above the short term downtrendline.A series of peaks and fibonacci resistances need to be overcome for the Nifty to come back to bullishness.
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