Make or  Break

As expected nifty fut bounced back upto 4950. But unfortunately nifty couldn't hold those levels and there was a sharp decline when inflation numbers were announced.

Nifty has closed 4881 levels and now it is trading at crucial levels. If Nifty closes below 4870 then we can expect further fall.

In both Daily chart as well as in weekly chart nifty is in oversold region. However it can remain in oversold region for longer period of time if it is a trending market.

 

Nifty Daily Chart

Nifty Weekly Chart