The S&P500 futures in hourly time frame has given a strong divergence in oscillator, indicating the market might bottoming out. Though it is very early, the setup indicates a good chance for bulls to charge again and the break above neckline would confirm a double bottom.
NIFTY though has moved above 10340 the cut and follow through rally are not convincing enough. Though in hourly charts it has held the upward sloping trendline the lack of momentum at higher levels is a concern. Still holding longs with stop below 10250 (spot) on a closing basis.
ITC after long downtrend finally formed a higher high in hourly time frame. Also the stock moved above by forming a continuation bull flag pattern which gives a potential upside target of 268 with stop below 252 and trailed higher below the rising trend line.