Nifty (17833 in cash, when started writing) has gone through a corrective downtrend and it has multiple triggers to mention the stability or reversal(upmove)from here.
1. Retracement from recent bottom of 16410 to recent high of 18350 on 18/01/2021 - 23.6% retracement is completed and nifty is reversing from there on
2. Positive RSI divergence on 5, 15 and 30 min chart of Nifty cash
3. Monthly Resistance (1) was at 17858 and it seems getting respected as market is not falling much from there on
SL: 17820 (Nifty Cash) on closing basis
1. Retracement from recent bottom of 16410 to recent high of 18350 on 18/01/2021 - 23.6% retracement is completed and nifty is reversing from there on
2. Positive RSI divergence on 5, 15 and 30 min chart of Nifty cash
3. Monthly Resistance (1) was at 17858 and it seems getting respected as market is not falling much from there on
SL: 17820 (Nifty Cash) on closing basis