INSUBCONTINENT EXCLUSIVE:
New Delhi: The Nifty50 formed a bullish candle on the daily chart on Friday
The fact that it sustained its opening upward gap a day after forming a Hammer pattern may instil confidence among traders.
On the weekly
scale also, a perfect Hammer has sent out positive signals
But as long as the index remains below 11,600 level, volatility may persist.
For the day, the index rose 145 points, or 1.28 per cent, to
Earlier in the day, the index began with an upward gap of 73.60 points, which remained unfilled through the session, which is a positive
indication.
The negative sequence of lower tops and lower bottoms remains intact and the ongoing upward move could be in line with the new
As such, Nifty holding below 11,600 level could be considered a continuation of this negative sequence
resulted in the formation of a perfect Hammer on the weekly chart, which should be a positive signal going forward
