A classical bottom formation.
It broke support of 430-435, triggered most of stop losses and bounced back with high volatility.
Also, it has formed a bullish harami pattern on hourly.
RSI oversold too.
Should bounce back to 460 levels.
Stop of 395
Nifty reversed after touching the resistance level trendline.
RSI at its higher end.
Formed a Bearish Engulfing pattern today.
Per derivative data, we can see unwinding in 10500,10600 and 10700 puts indicating exits by put writters.
It has been observed that Bank of India is near its support zone where it has recently taken support several times. Also, RSI is approaching its support level. Reversal from these levels shall take it to 185. SL - 166