Hammer Pattern

-Hammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow.
-The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price.
-The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small.
-The lower shadow should be at least two times the height of the real body.
-Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation.

Script = ICICI BANK
Time Frame = 1 hour