The Index took nose dive from its all time high level around 4460 levels and witnessed a sharp correction. Just a couple of sessions ago it formed Doji and today the Index formed a strong Bullish Engulfing Candlestick on a daily chart. As per Fibbonaci it has witnessed almost 61.8% retracement and now hanging around the said level. Besides Bullish Divergence of RSI is clearly visible on a daily chart suggesting that bears are losing grip at least temporarily. During recent past the Index has found support around 3100 levels and facing resistance around 3190 levels. Looking at the current Technical Set up it seems that once 3190 levels is captured on a closing basis the Index may witness relief rally up to 3290 to 3335 levels in a short span of time. Trades can keep on radar select PSU Banks for swing trading purpose.
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