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The Nifty50 after opening lower extended losses as the day progressed after the rupee hit record low of 71.96 a dollar intraday. But as the rupee showed smart recovery from day's low, the index managed to trim losses in the last hour of trade to close above 11,450 levels on Wednesday.
The Nifty50 hold on to its crucial support placed at 11,400 levels and made a bearish 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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