Below is the technical chart of Nifty, using Ichimoku Kinko Hyo indicator.
Last 2-3 days in Indian stock market were very volatile. Nifty down by over 2% on one day and another day up by about 2%. Looking at technical chart, Nifty closed below kijun-sen line, but next day, managed to close above it. 5586 remains the resistance on the above side.
BTW, apart from looking at technical charts, do investors also check Nifty P/E ratio? Will write an article on that soon.