Pre Opening Commentary

Nifty 50 index formed a bullish candlestick pattern with a higher high and a higher low, signaling continuation of the pullback from the extreme oversold territory. A long bull candle was formed on the daily chart with lower shadow, which indicates a relief rally in the market from the lows. This market action hints at a possibility of a formation of short-term bottom reversal at the recent swing low of 22,182 levels,