The weekly chart of NIFTY show Candlestick pattern called " Takuri". This is very similar to "Hammer" pattern. But it has a longer Shadow. The Lower Shadow should be three times that of the Real Body of the candlestick. The attached chart is marked with an arrow on its previous occurrences. There were three occurrences and all of which had an upward breakout. The difference this time is that, the lower shadow is much longer than previous occurrences. The theory says, the longer the shadow, the better the performance. The pattern detector says it has an immediate target of 5700 to 5750.
At the same time, the BANKNIFTY show a "High Wave" pattern on its weekly chart, which has an immediate target of 10672.
A "High Wave" is a candlestick which has long upper and lower shadows and a small real Body. It is a pattern with medium reliability and need confirmation. See attached chart.
Hence expect a sharp rally next week.
