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On the weekly chart the index has breached its important trend line support joined from the lows formed at a level of 5118.85 and it has also seen the breakdown of triangle pattern. However, as per the candlestick analysis the weekly candlestick has formed a “Hammer” candlestick pattern. This candlestick pattern is considered to be a reversal candlestick pattern and this is candlestick pattern appears at the end of the down trend.

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