Wednesday 1 August 2018

Trade Setup For Wednesday Top 15 Things To Know Before Opening Bell

Posted by suhani varma on Wednesday, August 01, 2018 with No comments


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After opening lower the Nifty50 traded in a negative territory amid consolidation. The index managed to recoup losses in the last hour of trade to end at record closing high for the fourth consecutive session Tuesday as investors eyed the monetary policy committee's rate decision on August 1.

The index formed bullish candle on the daily charts, which also resembles a 'Hanging Man' kind of pattern on the daily charts.

A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top (400-point rally from its recent low of 10,957.10 recorded on July 19). In a perfect 'Hanging Man' pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.


The 50-share NSE Nifty opened lower at 11,311.05 and hit an intraday low of 11,267.75, but it managed to recoup morning losses in the last hour of trade and touched an intraday all-time high of 11,366. The index closed 37 points higher at 11,356.50.

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