For the Nifty, we have seen a strong bounce from 5350 support. Yesterday, while the Nifty was in a free fall, around 5350 - the decline stopped. This is the level which has provided support many times earlier. It worked this time also. Classical technical analysis provides us with a framework to make trading decisions. Some decisions will go wrong since the market has its own mind. But, there exists a strong probbaility to make money using classical TA.
While a lot of focus seems to be on the Nifty which isa ctually a choppy market, the big moves are coming in metals - Gold and Silver both of which are at lifetime highs. All time highs are bullish. There will come a time when these highs will become a bubble, but we cannot say when that scenario will emerge. So for now, both metals are buy on dips.