Gains in the American Markets has led to similar gains in India, on Tuesday. It appears that Indian Markets should open higher and are likely to find support on dips.
In our intraday charts, there is a significant pivot at 4950. A close above this point will change the intermediate trend from down to sideways. Since the primary trend remains up, the bias will be on the long side.
Technical Analysis does not say: This will happen. It says, This is the most likely road, given the information available now. Classical TA puts importance to patterns of lower highs / lower lows and the reverse. I pay lot of attention to these patterns. These are the easiest way to determine a trend, the direction of the trend, and by getting whipsawed - the absence of a trend.