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Technical View | Nifty forms Hammer pattern, directionless trade may continue

The index is expected to remain rangebound unless it decisively breaks 17,000-17,450 on the either side, say experts

March 28, 2022 / 04:48 PM IST

The Nifty again defended the crucial 17,000-mark as Indian shares smartly reversed losses of the morning session to close 0.4 percent higher on March 28.

The index formed a small bullish candle, which resembles hammer pattern, on the daily charts on March 28.

The hammer is a bullish reversal pattern formed after a decline. It consists of no upper shadow, a small body, and long lower shadow. The long lower shadow signifies that stocks bounced back after testing their support, where demand is located.

Banking & financials, FMCG stocks and Reliance Industries supported the market. The rally in European markets after reports of in-person talks between Ukraine and Russia and fall in oil prices lifted market sentiment.