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A bounce back in the next trading session remains on cards considering it is an expiry day. For bulls to gain momentum, Nifty has to close above 10600 levels, but a breach of 10,276 would put bears in driving seat.The Nifty, which started with a gap on the higher side in morning trade on Wednesday, failed to build momentum and closed below its crucial 100-days exponential moving average (DEMA), and 5-DEMA, making a ‘Hammer’ like pattern on the daily candlestick charts.
A Hammer, which is a bullish reversal pattern, is formed after a decline, while a Hanging Man is a bearish reversal pattern. The bulls managed to pull the index higher but not with enough force to pull it above its opening level.
A Hammer consists of no upper shadow, a small body, and long lower shadow. The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back.
The index closed below its crucial short-term moving averages but a bounce back in the next trading session remains on the cards considering it is an expiry day. For bulls to gain momentum, Nifty has to close above 10600 levels, but a breach of 10,276 would put bears in driving seat.
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