Nifty - Hammer on 50 EMA

NSE:NIFTY   Nifty 50 Index
Note: This is for educational purpose only.

Nifty has taken dynamic support previously on 50 EMA level. Hammer pattern seems to have formed on 50 EMA again. This level coincides with short term trend line support. However, the next candle is not bullish enough to close above the high of Hammer candle. RSI is below 50 which indicates loss of momentum. If next candle closes above the current candle, there would be a bullish move. If price breaks below 50 EMA , there would be further down move.


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