Nifty outlook June 5 @ BULLISH HAMMER

Nifty will resume it's next action on the back of Bullish Hammer candle it made yesterday.

This pattern occurs at the bottom of a trend or during a downtrend and it is called a Hammer since it is hammering out of a bottom. It is a single candlestick pattern that has a long lower shadow and a small body at or very near the top of its daily trading range.

Major down trend will end only if Nifty successfully close above 8300 and sustain there for two trading days.

 MACD has already shown down signal and Bears have started showing their strength in DMI. However Bulls can breathing space in the arguments that Bulls has very strong support range between 7800 to 8200.