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The Nifty gave up all gains and closed marginally in the red May 15 as uncertainty around government formation in Karnataka made investors wary. The index formed an ‘Inverted Hammer’ or a Shooting Star kind of formation on the daily charts.
A 'Shooting Star' pattern is formed when the index comes under selling pressure as traders start booking profits at higher levels. This pattern is usually formed in an uptrend and is treated as a reversal pattern, but it would require confirmation before we can conclude that the trend will get reversed in near future.
“Though the BJP dramatically improved its performance from the last elections, reports that the Congress was ready to provide support to the JDS, the indices slipped,” VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities.
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