Chart Reading: Diamond pattern suggests upside for Nifty50 and BSE Sensex

On Friday, the S&P BSE Sensex dropped 96 points, or 0.27 per cent to close at 36,009 while the Nifty50 index fell 26 points or 0.25 per cent to end at 10,794. On the weekly scale, both the indices closed in the positive territory. The 30-share index Sensex closed 0.88 per cent higher with a green candle. Nifty settled 0.62 per cent up with a 'doji' formation on the chart. 

Nifty50  & BSE Sensex

Currently, the indices have formed 'Diamond' pattern on the chart. The pattern is similar to Head and Shoulder, emerging at the top of the rally, which