Technical View: Nifty forms Hanging Man pattern, tread with caution though no sell signal yet
The index ended at fresh record closing high for the fourth consecutive session but formed a bearish candle which resembles a Hanging Man kind of pattern on the daily charts. Sunil Shankar Matkar January 13, 2021 / 05:44 PM IST
The Nifty50 on January 13 recovered smartly from the day s low to close flat but failed to regain opening gains. The contraction in factory output for November and concerns over the upcoming Union Budget weighed on the sentiment.
The index ended at fresh record closing high for the fourth consecutive session but formed a bearish candle which resembles a Hanging Man kind of pattern on the daily charts.
Technical View: Nifty forms Dragon Fly Doji pattern, 14,500 crucial for uptrend
Traders should avoid trading in the index for a day, Mazhar Mohammad of Chartviewindia.in has said. Sunil Shankar Matkar
Representative image | Source: Pixabay
The Nifty50 closed at a record high yet again on January 11, as the momentum remained strong with an improved outlook for December quarter earnings along with positive global cues. IT, FMCG, auto and pharma stocks led the rally.
The Nifty50 opened gap up by more than 100 points at 14,474.05. It witnessed some volatility in the morning but gained strength in the afternoon to hit a fresh intraday record high of 14,498.20. It closed at 14,484.80, up 137.50 points.
Technical View: Nifty forms bearish candle after hitting record high, consolidation likely to continue
As the Nifty appears to be in a consolidation phase, traders should remain neutral till the index witnesses a fresh breakout in either direction, Mazhar Mohammad of Chartviewindia.in said. Sunil Shankar Matkar January 07, 2021 / 05:47 PM IST
The Nifty50 hit a fresh record high but wiped out all the gains in late trade to close flat with a negative bias despite positive global cues on January 7. Select FMCG, IT and pharma stocks weighed on the market but buying in metals and select banks capped losses.
The Nifty50 opened higher at 14,253.75 and immediately hit an intraday record high of 14,256.25 but wiped out gains to hit the day s low of 14,123.10. The index settled at 14,137.40, down 8.90 points.
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The Nifty has to continue to hold above 14,000-14,050 to witness a fresh move towards 14,250 then 14,400-14,500 zones, while on the downside, major support exists at 14,000 and 13,900. January 07, 2021 / 04:47 PM IST
Profit-booking hits D-Street on January 7, pushing the Nifty in the red after hitting a record high of 14,256 in the intraday trade. The S&P BSE Sensex, too, failed to hold on to gains and closed 80 points down at 48,093. The Nifty ended 8.9 points lower at 14,137.
Sectorally, action was seen in metals, telecom, capital goods as well as realty, while profit-taking was seen in FMCG, IT, power and healthcare stocks.
Technical View: Nifty forms Hanging Man pattern putting bulls on red alert
Mazhar Mohammad of Chartviewindia.in advised traders to remain neutral in next trading session but if the index closes below 13,950 levels, then it shall provide an opportunity on short side. Sunil Shankar Matkar
Representative image | Source: Pixabay
The Nifty50 recouped half of its losses in last hour of trade and closed off day s low amid volatility and mixed Asian cues on January 6 dented by FMCG and IT stocks.
The index snapped three-day winning streak and formed bearish candle which resembles the Hanging Man pattern. A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top. In a perfect Hanging Man pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.