Larsen & Toubro Infotech Ltd forms bullish "Hammer" chart pattern

Larsen & Toubro Infotech Ltd forms bullish "Hammer" chart pattern

Recognia has detected a "Hammer" chart pattern formed on Larsen & Toubro Infotech Ltd (540005:BSE). This bullish signal indicates that the stock price may rise from the close of 1,590.30.

Tells Me: The price may have reached the bottom of the recent downtrend, having recovered high up from a sharp decline for the session. The Hammer appears during a downtrend, displaying a long lower shadow with a small real body at the top of the range. The price may be developing a bottom and due for a reversal to the upside.

This bullish pattern can be seen on the following chart.

"Inverted Hammer" chart pattern

TV18 Broadcast Ltd forms bullish "Inverted Hammer" chart pattern

Recognia has detected an "Inverted Hammer" chart pattern formed on TV18 Broadcast Ltd (532800:BSE). This bullish signal indicates that the stock price may rise from the close of 22.40.

Tells Me: The recent decline is approaching its bottom, as the balance between buyers and sellers evens out and there's an attempt (though failed) at higher prices. The Inverted Hammer appears during a downtrend with a long upper shadow reflecting an attempt a higher prices, and a small real body at the lower end of the range reflecting an evening out of the balance between buyers and sellers as the bears have lost some control. The price may have reached a bottom and ready to turn higher.

This bullish pattern can be seen on the following chart.

Nfty and bank nifty trading strategy 11th july 19

Nifty and bank nifty trading strategy  11th july 19

Nifty future trading breakout level now 11488-11567.

If nifty trading below after 11488 bear and trading on 11568 bull.

Banknifty trading breakout level 30474-30720.

If bank nifty trading below 30474 bear ..or trading on 31720 bullish.