Hanging Man pattern at Resistance, alarm bell for Bulls.???

As mentioned in the last update, 9350 remained a crucial resistance and 9020-9000 as a crucial support zone. As we can see in the chart that, bounce from 8000 to 9315 appears to be in Diagonal pattern, minor waves overlapping each other. This pattern is definitely a counter-trend pattern only.

On Friday, nifty recorded high at 9315 and from there profit booking started and drifted to9092 before bounced back to 9291.

In daily charts, the Hanging Man pattern formed in Nifty. Indication of possible trend reversal. We need to look for confirmation of price action today. Friday's low 9092 if breaks down, then we can get confirmation of trend reversal in short term point of view.

Close below 9092 gives us confirmation of trend reversal.

On the flip side, holding on to 9092-9000 zone means one more attempt to 9350-9435 is possible as the final push to upward.

Trade accordingly,

Resistance 9350-9435.
Supports 9092-9020-9000.

Suryadev Bandari
Research Analyst

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