Is Nifty Bottom is in Place @4728?

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Nifty Hourly

Lets start from Hourly charts One Big Red Candle did the Whole Damage.. From Morning Nifty kept on trading between 4830-4875. Than came the free fall which led to panic selling as soon as low of 4756 got taken out. I feel we are forming a base around 4700 levels as its the 3 time Nifty has bounced from the level of 4700, On the contrary it makes a case for bears also as Support has been tested for 3 times and next time if selling comes its bound to break down.
I will go with Double Bottom scenario(Bullish Pattern) where Nifty made a slightly higher bottom ..

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