Does Nifty is really Oversold?

With rising global concern and economic slowdown in the Indian Economy. Nifty doesn't showing any sign of Bullish trend...
In short-term,
with continuous 6 days fall in the Nifty a Small short-covering occurs. Making it more cautious for coming days.
With Shorting at the levels of 11265-270, for the Target of 11020-11000 with SL range of 11410-11425.
Be Cautious with each trade.