Chart Check: Nifty forms Hammer pattern; will it lead to trend reversal?

The benchmark indices Sensex and Nifty ended lower for the sixth consecutive session on Friday, their longest run of losses in over a year. On a weekly basis, both the indices tumbled 2 per cent.

Here's a look at what the technical chart indicates for the headline indices for this week - 

Nifty50: The index is trading below the lower rising trend line of ‘Rising channel pattern’, indicating a breakdown in the formation. It traded continuously in negative candles for seven sessions. The current candle reveals ‘Hammer’ formation, an indication of a reversal in the trend.

A low of a