As marked on the Monthly time frame of Nifty
- During an upmove in the market when such hanging man pattern is formed,
- The following month has shown Bearish/Sideways movement in the market
- Similar "Hanging man" candle can be observed for the month of August
As of now since the commencement of September trading month we have seen a fall of 481 points / 1.9% from the ATH from 25333.65 to 24852.15
Bringing Nifty to its crucial level that acted as resistance for the month of August
- There's a possibility this level can turn into CIP and act as a support
- If this level breaks, next support can be seen at the levels of 24150 / Approximately 4.5% from ATH giving good buying opportunities in Equity as well
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.