Nifty Daily chart
is telling price range 10950 - 10650 since last 2 months. It has touched the lowest boundary but closed above the 78.6 Fib level. It seems that buyers have emerged from that level and found it cheap. Price have bounced from the ML of the PF
( I would not give much weight-age to it as it has not shown much harmony with it). Hourly chart Heiken Ashi candles has changed the colour and there are 3 consecutive Green bar confirming the reversal. It seems a reasonable Trend reversal trade at this level however those follows the trend may wait for the confirmation.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.