Tug-of-War Be­tween Bulls & Bears

The Economic Times - - Companies -

timesin­ter­net.in ETMar­kets.com: The Nifty50 swung be­tween gains and losses amid­volatile­tradeonMon­daya­head of the RBI money pol­icy re­view on Tues­day, with the tech­ni­cal charts show­ing a fair bit of bear­ish­ness.

Nifty50 formed a ‘Hang­ing Man’ kind of can­dle­stick pat­tern on the daily charts on Mon­day. This showed the strug­gle be­tween the bulls and the bears may con­tinue this week as well. The mar­ket now re­quires a strong trig­ger to break above key re­sis­tance lev­els or fall be­low key sup­port lev­els.

A ‘Hang­ing Man’ is a bear­ish pat­tern and is formed when there is a sell­off in trade to­wards the open­ing but the bulls keep the mo­men­tum alive and pushes the index back near its open­ing level.

The Nifty50 opened at 7,733.15, hit an in­tra­day low of 7,704.40, but re­cov­ered 45 points to close at 7,758.80, its highest daily close in last 60 ses­sions above the 7,750 mark.

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