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The Nifty continues to hit a record high in almost every trading session but the momentum seems to be slightly fading. On Tuesday, the index formed a ‘Hanging Man’ pattern on the daily chart. This pattern is an early indication of a possible short term reversal. However, this would need a confirmation. When would we get a confirmation is the question to answer.
The answer to this is when the Nifty breaks below the Hanging Man patterns low of 11,540. If we observe this happening, it is likely that the index will close the gap, which was formed on Monday, placed at 11,485. This will now act as a crucial support on the downside.
Apart from this, there is also a divergence seen on the relative strength index (RSI), which is another sign that the momentum may just start to fade away in the short term. Even if we may not see a price correction, the market is likely to consolidate.
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