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.