In markets, waiting for an opportunity is also Trait of Investor. One should not wait for a bottom as it will come only 1 Day rather wait for market to stabilize before committing your money to Mr Market.
On Hourly Chart we are seeing formation of Falling Wedge Formation with Resistance at 4796 Levels
The falling wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.However, this bullish bias cannot be realized until a resistance breakout.
As On Hourly Chart we are seeing formation on Positive Divergence in MACD and RSI Indicators.
Positive Divergence means Price Keep on Making lower Low but Indicator is making Higher High. But this should be only taken as an Observation till Price give a confirmation with a breakout above 4796 levels.
For Bottoming formation first and Foremost condition is market stop forming lower lows and Volatility gets on lower end and formation of Doji or Morning Star Formation.
Hence 4779(61.8% Retracement),4796,4820 will become the level of resistance to be watched.
On Weekly chart a Simple trendline will show support at 4539 which is next level of support if 4675 gets broken also. Market are Highly Oversold but trending market can remaing oversold or overbought for prolonged period of time.
My Only advise do not try to Fight the market and better to take loss and accept defeat.
Stopping out of a position may give the appearance of defeat, but it is not meant to necessarily signal total defeat. While others may see it that way, you must never be fooled. Stopping out of losing positions is the only sure way to maintain survival in difficult conflicts and to achieve the complete victory that is your aim. To learn how to live to fight another day is the best advice that all traders can be given. Not only is it the smart thing to do, but in the long run, the prevention of injury .
Is Short term Bottom Formed
This is Just an Observation always trade the Price not emotion
Nifty Trend Deciding Level:4811
Nifty Support:4720,4675,4600 and 4530
Nifty Resistance:4849,4872,4915 and 4962
All Levels mentioned are SPOT LEVELS and STAY DISCIPLINED !!