On 18 March 2016, the nifty 50 makes a hanging man candlestick pattern in its weekly charts.On Friday the bounce back took Nifty 50 to the levels of 7600.Hanging man candlestick pattern is formed when the open,high and the close for the day are roughly the same but the lows are very down making the lower shadow way down.It is a bearish formation which usually is formed in the tops.It is taken as an early sign that the market might be losing momentum.
The open for the day was 7542 with a day’s high of 7613 and low for the day was 7405.Nifty 50 closed ultimately at 7604 levels. If the index manages to sustain the levels of 7600 it may head towards 7700 levels.
On the next week, it is expected that the index will move sideways and no major moves will be seen.While Nifty 50 has made a bearish pattern in its weekly charts,it has also made a large bullish pattern it’s daily chart after breaking the resistance levels of 7600.The index finally closed up 91.80 points higher on Friday giving a weekly gain of 1.2 percent to the index.
Experts say that traders can go with the rally with a stop loss of 7517 levels with a target of 7700.
The gainers and losers for the week are detailed below:
Nifty 50 losers:Coal India 6.6%,Zee entertainment 2%,Lupin 16.3%,Sun Pharma 6%, HDFC 2.7%, Asian Paints 2.6% .
Nifty 50 Gainers:ACC 9%, ICICI Bank 7.6%, Tech Mahindra 7.5%, GAIL 7.3%,Ambuja Cem 10.6%, BHEL 9.3% .
Sectoral Gainers and the losers are detailed below for the week:
Sectoral Losers: BSE Healthcare 4.5%, BSE Cons Dur 2.9%, BSE Metal 0.6% .
Sectoral Gainers: BSE PSU 1.8%, BSE Cap Gds 1.5%, BSE FMCG 1%, BSE Power 0.8%, BSE Auto 0.5%, BSE Realty 0.1%,BSE Bankex 3.5%, BSE Oil & Gas 3.2%, BSE IT 3.2%, Bank Nifty Fut 2.9%, BSE Teck 2.7 .