Some opinion..............

Emkay retail advisory says..........

The benchmark index Nifty showed smart recovery in the final hour of trade which helped the index to recover a major portion of its initial losses, thereby formed a Dragonfly doji at 50% retracement of the entire rise from 4675 to 5399, which bring the chances of a selling climax into picture. However, the final confirmation whether the bottom is in place or not, will take place only if Nifty crosses 5254 level. Moreover, the hurdle of 50-DEMA packed at 5195 is also an important resistance and unless Nifty clears that mark, the chances of Dragonfly doji seeing a failure are quite high.