NIFTY daily chart with a hammer and Descending Broadening wedge

NIFTY DAILY CHART - I

NIFTY DAILY CHART - II

• NIFTY has reversed from the day's low formed at 4850.
• A hammer has formed in the daily candlestick chart. It has formed close to the bottom of the channel.
• The descending broadening bottom also is in place.
• Trading above 4980 will help the bulls and the reversal patterns will become stronger.
• Now if the world markets help the nifty bulls might attempt to put a bottom in place.

thank you