NIFTY| NSE | BSE | SENSEX | STOCK |MARKET LIVE |SHARE MARKET LIVE |INDIAN STOCK LIVE |NIFTY LIVE | UPDATES JULY 23 2020
The Nifty50 snapped its five-day winning streak as the took control of Dalal Street on July 22, as US-China tensions and a surge in COVID-19 infections weighed on sentiment. FMCG, IT, PSU banks and auto stocks came under pressure.
The index failed to hold on to 11,200 levels and formed a bearish candle that resembled a Hanging Man pattern on daily charts.
A Hanging Man is a bearish reversal candlestick pattern, usually formed at the end of an uptrend or at the top (around 555-point rally in the previous five consecutive sessions). In a perfect ‘Hanging Man’ pattern, there is a small upper shadow or no upper shadow at all, a small body and long lower shadow.