Tug-of-War Between Bulls & Bears
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.