Nifty weekly RSI is showing oversold levels. But price is yet to shown any signs of reversal.
Daily is trading below 5 Day HIGH EMA as shown in the second chart. Price left this moving average near 5250 levels and yet to touch this line for the current down move. So for a strong reversal to be seen price should at least hit this moving average line.
Hour chart too trending down below 50 Hour SMA and cloud.
If price continue to sustain below 23.6% Fib level shown in second chart it should target 1290 - 1300 level in the coming day's.
One hour chart shows price getting resisted near 20 and 50 Hour SMA. Trend in hour chart will remain in favor of bears as it continue to stay below the cloud.