1. It is in long term bull run.
2. During the previous bull run forming impulsive wave (19th Aug 2013 to 2nd March 2015), it retraced to 50% and then reversal was seen for upward move. Similar pattern is observed as it shows reversal after correction/retracement to 50%.
3. Valid indicating supports with arrows has been drawn. In addition, it indicated reversal with horizontal support shown on the chart which coincide with SMA100 signifying an excellent support @ 1653.
4. There is crossover observed on
5. indicates reversal from oversold zone.
However, it might witness immediate resistance @ 1920 as drawn on the chart. Therefore, buying action needs to be made after it breaks this resistance with Stop one ATR below 1920 (resistance will act as support after breakout)