Nifty is still in Hourly oversold territory, 5221 should hold hourly for upmove

NS Daily Chart

Nifty could able to hold and closed above 5221 which is a positive sign. Lot of ITM and OTM PE writing and OI decreasing suggests that Unwinding in puts, market is bullish  but price action still has to confirm in stochastics levels in daily chart but hourly stochastics shows overbought zone and price has not come into breakdown territory.

34DSMA(violet) and 34DEMA(yellow) both are converging which means a bullish breakout. NS closed above daily pivot of 5212 below this market will be weak and still has potential to test 5191-5155-5092 levels. Resistances are ahead at 5243-5264-5276 levels.

TT Data has been updated.

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