Nifty has a reversal day.

The Nifty had a bullish reversal day, today (Friday, May 18). The Index opened with a down gap, moved lower, then rallied to close the gap and actually close higher than yesterday. Chart for the Nifty is given below.
Bullish Reversal days suggest at least a short term up move may be coming.
But, the reality of the market is different.
In the chart below I have marked two earlier bullish reversal days at A and B which did not have any bullish follow through. The pattern by itself (without further context) has limited forecasting ability. Today’s reversal may well have some follow through because the Nifty is deeply oversold.

Here is the Nifty chart: