Nifty manages to close at 7604.35, plus by 91.5 points from previous closing on weekly basis and Nifty is on two months high. Nifty is making Hanging man patterns on weekly chart previously it was seen in weekly chart on 24.07.2015 when Hanging man pattern was made on that week then maximum updside move was for 100 points and then there was huge fall of around but at that time also scenario was continuing with lower top lower bottom along with Greece problem ,Gold monetization, Lower crude price.
But Now we can say that Nifty is completed this week with Hanging man patterns that means moves significantly lower after the open, but closes above the weekly low. And on daily chart it has closes above the Price channel that Nifty following from 30.10.2015 to 01.01.2016 that is positive sign for Nifty traders. But on Daily chart one Gap Down from 07.01.2016 range (7741-7673) not filled till now so I can assume that if Hanging man pattern on weekly basis and price channel breakout on daily basis upside movement can go in upside till 7673 to 7741 and if nifty closes continues above this level then uptrend will continue. So if you are nifty traders be cautious because this is time to wait and watch and then after confirmation make position accordingly.
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