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Technical View | Nifty forms Hammer pattern, indicates potential trend reversal towards 18,300-18,400 area
The Nifty50 has snapped a three-day losing streak and recouped all its previous day's losses to close with four-tenth of a percent gains on May 19, tracking positive trends in global counterparts. The rebound was led by technology, banks and auto stocks, while the volatility cooled down further. The index opened higher at 18,186 and remained volatile to hit a day's low of 18,060, but gained strength in the last one-and-half-hour of trade. The index hit an intraday high of 18,218 and managed to close above 18,200 levels, rising 73 points to 18,203, and forming a Hammer kind of pattern on the daily charts. If the index sustains a Move 18,200, then it can move towards a recent swing high of around 18,450 in coming sessions, with crucial support at the psychological 18,000 mark, experts said. On the weekly scale, there was a formation of a bearish candlestick pattern with long upper and lower shadows, as the index fell 0.6 percent during the period. Source - Money Control
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