Is there any chance of reversal in NIFTY?

NIFTY made low of 5740 and bounced back to 5795 level but the gain was eroded with last hour selling, hence it formed candle with very small real body.

Now, If we look closely to chart we can see that NIFTY formed reversal pattern in EOD candle which need follow up candle tomorrow . But a candle is not sufficient to chalkout reversal as NIFTY has closed below all major EMAs/SMAs and channel support. But aggressive contra trader may take risk of 20 points SL to buy around 5750-5760. Safe buy would be only closing above 5835. Trend followers are suggested to short at high near resistance or fibonacci retracement levels.

Some important observations:

1. NIFTY closed below all EMAs/SMAs, channel support and 61.8% retracement level of entire rise from 5477 to 6229.
2. Reversal candle stick pattern seen in EOD.
3. NIFTY took support at long term support level at 5740.
4. RSI is turning up.
5. Oversold stochastic (although it may remain oversold for long time period)

Plan your trade and trade the plan.