Below a simple chart that shows NIFTY may have bottomed out today...
Reasons: -
1. Developing diamond pattern at low
2. Positive divergence
3. Bullish butterfly
4. Bullish cross in Stochastic
5. Oversold CCI
As of now target becomes 5480/5550 there is resistance placed around 5560...
Today NIFTY has taken first step to close above 5 EMA and showing reversal signal (hammer) in weekly candle. Now a close above 5570 is need for higher levels.
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