Nifty ends the week with a "Hanging man" which requires a follow up confirmation.

Nifty has formed a Hanging man pattern in Day chart.
The Hanging Man pattern is characterized by a small Real Body near the top of the price range. The Real Body can be Red or Blue, although a red candlestick is preferable. A red candlestick is slightly more bearish since it shows that the close could not get back up to the opening price level. The Hanging Man has a long lower shadow that should be at least twice the length of the Real Body. The upper shadow should be very small or non-existant.
A Hanging Man can be confirmed by a bearish gap between the Real Body of the Hanging Man and the open on the next session. In other words, the investor should look for the next session opening lower than the Real Body of the Hanging Man. The greater the gap, the stronger the signal.
A Hanging Man may be a stronger signal if the subsequent session shows a red Real Body with a close lower than the close of the Hanging Man.
A Hanging Man may be a stronger signal if it is followed by another, well-formed Hanging Man in the next session.
The longer the Lower Shadow of the Hanging Man the greater the significance of the pattern.
The smaller the Real Body and the Upper Shadow the more significant the pattern.
If the uptrend is strong and there are major bullish indicators before the Hanging Man, then perhaps the bullish momentum is overwhelming and the Hanging Man won't work. In such cases it is wise to wait for bearish confirmation before acting.

1. JustNifty TA(30th Jan)

At the bottom(4532), a Hammer was followed by a red candle(down) to shake off pattern followers before the reversal took place. However, the second Hammer @ 4588 played true.