The bounce in oversold conditions materialized on the last trading session of the March series after trading in an ending diagonal pattern in the truncated week. Lets check the trading probabilities ahead .
1. Daily Chart :
In Daily time frame there is a higher probability of an Upmove, if keeps above 5600 on closing basis.
2. Hourly Chart :
In Hourly time frame the probability of a bounce to resistance levels with a retest of recent low also exists .
3. Option data has the highest build up of Open Interest on both sides at 5600 pe . Also 5700 pe exceeds the 5700 ce as of now . It suggests a Support at 5600 and one developing above .
Positional bias is Up as of now if 5600 level holds on closing basis .
The Targets may be apprx 5750-80 and above it to apprx. 5880-5900 .
The immediate Support is at 200dma and recent low.
Closing below 5600 will invalidate the Upmove probabilities.