Nifty Hourly Charts:
As seen from Nifty hourly charts we are in for a bounce back which can last till 6145 levels. As most of indicators are oversold in hourly time frame we can except a decent bounce.
Nifty Daily Charts
As seen from Nifty Daily charts we are near 20 SMA from where we have seen a fast and furious bounce many times in recent past correction.1 Tgt will be 6145 levels as per hourly charts.Nifty Daily Pivots are as below
Resistance@6154,6258 and 6304
Support@6008,5954 and 5858
Till 6145 is not crossed and sustained we are sell on rise and short term trend is down.BUt once 6145 is crossed we will see a good rise and we can test all time high of 6358 in this week only
Nifty Weekly Charts
As per weekly charts after 5 week of rise we have corrected for 2 weeks in a row and indicators are down from Overbought levels.
We have formed a Harami pattern which is reversal but we need to have a confirmation with price and volume action.
We can see a fast and ferocious bounce back once 6145 is taken out
Support@5981 and 5899