Nifty has formed a Double Bottom Pattern after a big price decline. It has clear the reaction high which formed between the low. On other side it has breakouts the sloping trend line as well as closing above the 200SMA. The upside is likely to continue where the calculation target of double bottom pattern is seen around 5260 levels. Before that, there is an interim resistance seen around at 5190 levels as show in chart. On lower side support expected around 4980 levels, one can look these levels on closing basis for reversal.
In Weekly chart Nifty has formed a BULLISH ENGULFING Pattern as well the price breakout above the sloping resistance line.
Note: Trade with Stop Loss.
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