Positive Nifty opening expected on 01 August 13

Positive to gap up opening is expected eod nifty candle closed making  perfect hammer at extremely oversold zone..need confirmation for a up swing ..traders are betting that now it will retrace to up side and I feel Nifty is trading in ABC pattern at 5700 -6100 let us see.Perfect hammer/doji combo candle at eod chart ..we can expect 6150 and above within 90 days …up trending  line – blue is intact..

Positive indication Hammer

Trade in nifty Futures as per these levels

Buy at / above: 5795   Targets: 5811 – 5830 – 5849 – 5868
Stoploss : 5776
Sell at / below: 5776   Targets: 5759 – 5740 – 5722 – 5703
Stoploss : 5795

The hammer is another candle pattern that many traders rely on. It is supposed to act as a bullish reversal and testing reveals that it does 60% of the time, placing the reversal rank at 26. That is quite respectable. Once price reverses, though, it does not travel far based on the overall performance rank of 65 where 1 is best out of 103 candle types.

Hammer’s Important Results

 

 

Theoretical performance: Bullish reversal

Tested performance: Bullish reversal 60% of the time

Frequency rank: 36

Overall performance rank: 65

Best percentage meeting price target: 88% (bull market, up breakout)

Best average move in 10 days: -4.12% (bear market, down breakout)

Best 10-day performance rank: 48 (bear market, down breakout)

All ranks are out of 103 candlestick patterns with the top performer ranking 1. “Best” means the highest rated of the four combinations of bull/bear market, up/down breakouts.

 

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Positive Nifty opening expected on 01 August 13