Have the Sensex, Nifty bottomed out? Here is what technical charts say

The candlestick formations on the benchmark indices show a 'Bullish Engulfing' pattern, which suggests a change in sentiment to positive

Markets ended an eventful week with significant gains on Friday. The indices made a sharp recovery after the Nifty50 hit a lower circuit filter for the day. The S&P BSE Sensex closed 1,325 pts, or 4.04 per cent, higher at 34,103 and the Nifty50 index a tad above 10,000 level at 10,023.65, up 433 points, or 4.54 per cent.

For the week, however, the S&P BSE Sensex witnessed the worst five days in over a decade – down 11.35 per cent, while the Nifty50 slipped 11.6 per cent during this period.

US markets, too, notched up gains on Friday – the best