a HAMMER ON DAILY CLOSING IN NIFTY..Trend Reversal Or NOT..?

10 mar 2023

Now we have a Bottom (17255) till date ..and a Significant Hammer On a daily closing...price Closed just below 50 EMA on weekly basis..it was close below previous open too..when a Hammer closing at bottom ...it looks significant...may the good agent for bullish reversal pattern..and today we also had a Good higher low 17324...and sideways after making a Sandwitch in Hourly...Now, in the next trading session intresting to see If Nifty manage to hold this Bottom or not...if price closes below 17255...or a gap down below this on Monday...Then NO REASON TO BE LONG IN NIFTY as Everyone knws...But i was just Delighted having Hammer at Bottom...lets see further action in next week specially monday....
As Today's Gap Down was just like a bad Nightmare for me ...as it took almost 70 % of my gain achieved in Last Few days...But its Fine I was wrong in my studies ...i surrenderd to God Market...MARKET is a only Good Teacher...teached me some good lessons...In future need to capatalised it...Thats all...need work to continue and try to learn Market Everyday...
HAPPY TRADING GUYS....