On a weekly basis Nifty has closed with 15 points down. In the weekly candlestick chart, Nifty has formed long shadow with thin body doji. Typically doji means the indecisiveness in the direction. Doji in the bottom can be seen as trend reversal. It has high posibility that current down trend may reverse.
In the coming days, Nifty has to trade above the doji’s upper shadow range of 7420-7450. Closing above 7450 on a daily basis will take Nifty to higher levels.
Nifty Bank has formed Piercing Pattern in the weekly candlestick chart and Nifty PSU Bank indics has formed Bullish Harami in the weekly charts which are again a bullish pattern. Overall most of the stocks are showing the positive trend reversal.