Nifty extends losing streak to 6th consecutive session


Equity tips:-

Nifty formed a Hammer pattern on the daily chart after finding support around the rising trendline and the immediate low of the 10,580 hit on January 29, 2019.






The unabated selling pressure continued as Nifty extended its losing streak to the sixth consecutive session.

Friday’s fall was brutal and Nifty indeed closed below its long term 200-DEMA of 10,750-levels; however, there were early signs that the selling pressure is most likely getting exhausted.

Nifty formed a Hammer pattern on the daily chart after finding support around the rising trendline and the immediate low of the 10,580 hit on January 29, 2019.

Going forward, a close above 10,785-levels would confirm that the reversal is on the cards and Nifty is then expected to move higher towards the 10,900-resistance zone.

Bank Nifty, on the other hand, is yet to break down from the rising trendline support zone of 26,700-levels.

Currently, the index is comfortably trading above its 200-DEMA of 26,450, which is the crucial support area. On the upside, 27,300 is an important resistance area. 


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