Nifty - Pullback On The Cards

Nifty (CMP : 5873.85) The action formed a long lower shadow candle with decent volume which indicates bullish reversal. Yesterday we have mentioned that If failure to sustain above 5940 we may see further selling pressure towards 5800 level and that played out perfectly and low made 5811.Technically, The index has tested cluster support level and bounced back with bullish reversal candle which suggest pullback on the cards. Once the resistance level of 5900 surpassed, then it’s likely to rise towards 5975 – 6030 levels which is 50% - 61.8% retracement level is taken from 6143 – 5811 levels. Traders can initiate the long position only above 5900, for the target of 5975 – 6030 with a stop loss of 5811.  But overall short to medium trend is still down for the target of 5750 – 5640 levels which is 38.2% - 50% retracement level is taken from 5118 – 6143 levels.. The hourly oscillator has given positive crossover which indicates strength.