Friday, 7 September 2018

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

Posted by suhani varma on Friday, September 07, 2018 with No comments

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The Nifty50 opened sharply higher but wiped out all gains in afternoon as the rupee breached 72 a dollar for the first time on Thursday. The index managed to rebound in the last couple of hours of trade and closed higher after three-day consecutive fall.
The Nifty hold on to its crucial support placed at 11,500 levels and made a small bullish candle which looked like a 'Hammer' like pattern on daily charts.

A Hammer which is a bullish reversal pattern is formed after a decline while a Hanging Man is a bearish reversal pattern. A Hammer consist 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.
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