The sell-off in the market has been unrelenting and it looks as though the selling exhaustion may have taken place with the Nifty at an important support zone and the oscillators on the daily chart in deep oversold territory.
- Oscillators highly oversold
- Important support zone highlighted in the chart
- bullish candle pattern
The nearest resistance zone lies at 11,150 for Nifty. Most likely we will see a rally to those levels. We will assess the market from there when it takes place.