Candlestick – Hammer pattern on chart.

Nifty has a bullish Hammer pattern on the weekly chart. According to Candlestick Interpretation, there seems to be a good up move from here.
The hammer formed after a long decline is a reversal bullish pattern. Also it can be a good bottom or support levels. The low of the day a long lower shadow implies that sellers push prices lower during the day. However, the strong close indicates that buyers regained their force successfully. While this reason is enough to take action, it requires further bullish confirmation.

Nifty can touch 4000 in this phase.

But will it sustain that is the million dollar question.

The low of the hammer shows that plenty of sellers remain. Further buying preferably on increasing volume is required for confirmation. Such confirmation could come from a long white candlestick. Hammers are similar to selling bottom and hugh volume can strengthen the power of the reversal.