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Tech View: Nifty forms bullish hammer pattern. What should traders do next week?
Nifty today formed a bullish hammer pattern on the daily chart while a bear candle with upper and lower shadows were seen on the weekly scale. Normally formation of such hammer patterns post a reasonable decline signal possible reversal on the upside post confirmation, said Nagaraj Shetti of HDFC Securities. However, a decisive move above 18450 levels is likely to negate the bearish effect of this pattern, he said.