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Nifty Analysis: Tech View: Nifty forms Hanging Man, looks poised to slow down

NEW DELHI: Nifty formed a ‘Hanging Man’ kind of pattern on daily charts on Wednesday, which is a bearish reversal pattern, a hint that the ongoing rally may be nearing its end, said analysts. Nifty continued its climb in the third straight day, breaching all records and closed at 14,789, registering a gain of 0.97 per cent or 142.10 points. In the last three days, it has rallied over 1,150 points. “Despite this kind of sharp rise witnessed from the lows of 13,596 to a high of 14,868, the momentum oscillators are presenting a completely different picture, as the daily MACD still remains in ‘sell’ mode, the RSI continues with lower tops and some other leading momentum indicators have reached the overbought zone,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.

Technical View: Nifty Forms Doji Pattern, Experts Say Stay Neutral On Markets

Technical View: Nifty forms Doji pattern, experts say stay neutral on markets Experts advise traders to stay cautious in the run-up to the budget. Traders can look at shorting the index below 13,700, signs of strength will only be visible above 13,900-13,929. January 28, 2021 / 05:28 PM IST The Nifty50, which fell more than 100 points on the F&O expiry day on January 28, made a Doji pattern on the daily charts. The index broke below its crucial support at 13,900 and below its 5-Days EMA. The supertrend indicator also gave a sell signal on the daily charts. MACD gave a sell signal on January 21. The Nifty50 fell more than 1 percent or 149 points to close at 13,817. The index retested 13,700 levels but the bulls managed to push the index above 13,800.

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Market Movers: Antony Waste makes premium debut, midcaps shine; 524 stocks hit upper circuit

Market Movers: Antony Waste makes premium debut, midcaps shine; 524 stocks hit upper circuit SECTIONS Share Synopsis On the back of relentless buying, as many as 91 stocks turned ‘overbought’ as they crossed above the 70-mark on the RSI indicator. Shutterstock.com The striking feature of Friday’s trade was positive market breadth, as gainers were more than double the numbers of losers. MUMBAI: The year 2021 started on a positive note for the domestic equity market, with benchmark indices scaling fresh all-time highs amid a strong momentum in select index heavyweights. Meanwhile, Nifty ended above the psychologically-important 14,000-mark for the first time, but the trading range of 58 points was extremely narrow for the day. A decent bullish candle on the weekly charts has a range of 238 points which analysts said was a cause for concern.

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