After witnessing sharp weakness with range bound action in the last session, Nifty shifted into a range bounce action and showed lower levels recovery on Friday. A small negative candle was formed with long lower shadow. Technically, this pattern indicates a formation of hammer type candle pattern (not a classical one). This pattern was formed at the immediate support of 9150 (previous swing low of 12th May).
The bearish island reversal pattern is still intact with unfilled two gaps (4th May). This pattern could be negated on a decisive move above 9500-9600 levels. As long as this pattern is active, the chances of Nifty sliding down to 8900 levels can't be ruled out (downside pattern target of bearish island reversal).
Nifty formed negative candle pattern on the weekly chart with upper shadow. This indicates sell on rise in the market in the last few sessions. We observe overlapping negative candles in the last two weeks, which signals choppy movement in the market with weak bias.
The near term trend of Nifty is range bound with weak bias. Having placed at the immediate support of 9150, there is a possibility of minor upside bounce in the early part of next week up to 9350 levels. But, one may use this upside bounce as a sell on rise opportunity.