Markets staged smart recovery from the days low to close in the positive territory. On the daily chart we are
witnessing a bullish “Hammer” pattern at an important support levels(as shown in the chart).The low of the
hammer 15982 / 4766 will now act as support for the markets. Hence if indices trade convincingly above 16390 /
4894 levels, then indices are likely to test 16640 – 16840 / 4970 – 5030 levels. Since the intermediate trend is
down, markets may witness selling around these levels. Only a daily close above 16880 / 5035 will warrant a
review of the negative sentiments. On the flip side if the low of the hammer, 15982 / 4766, is breached then we
may witness continuation of down trend and indices may test 15800 – 15620 / 4700 – 4650 levels.
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