Nifty forms a probable bottom forming pattern on the daily. The pattern is all the more valid since its come at new lows with positive divergence in RSI on the daily. Though that does not mean its time to take long. It means the change in trend is possible which has to be confirmed on Monday's price action. Weekly remains on sell. Hence the bounces are to be sold into.

Fibo retracements for this bounce are ---- 5250-5340 area will be good one to sell into. we may be in trading range for next few days. Mondays action is a critical one since we have a turn date on the same as well. Conclusion - Close short positions. Look for relief rally due to oversold conditions. Sell at 23-50% retracements of the fall with due care to daily candlesticks and oscillators.