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A volatile session that ended in red as Nifty forms an Inverted Hammer at crucial supports of 10600 - 10620. An Inverted hammer is a Reversal pattern that has a higher shadow which is as twice as the real body and a negligible or small lower wick.
The importance of the pattern is that it has formed at very important support which has been playing well for the last two months. Any bounce back from this level shall result in a pullback to 10850 - 10800 while a close below 10600 can take us to much lower levels of 10340.
OI data have been pointing to a short term range of 10500 - 10700 on Nifty hence we may see some move towards 10550 - 10560. Though we need to see a closing below these levels to confirm this downside breakout.
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Posted in: Indian Market Tips
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