NIFTY DAILY CHART

On daily charts, it formed a bullish reversal candlestick pattern post a steep fall, signaling a candle low will hold at least for a while. Pull-back is likely to continue in the near-term if it trades above 4,770, for a possible test of 4,830 and 4,880.0. On hourly charts, we are witnessing positive divergence in MACD and RSI indicator. Also MACD line has just crossed the signal line.  Hence, if the Nifty sustains above 4,770 it could attempt to retrace the recent fall. Nifty could head higher up to 4,840 and 4,890. On the flipside, any break down below 4,670-4,630 could lead to further sell off down to the demand area at 4,580 and 4,530.