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Technical View | Nifty forms Hanging Man pattern, 17,450 crucial hurdle

Some more volatility is expected in the market in the run-up to the expiry of the monthly contract on March 31 said experts, who think 17,450 would be the level to watch

March 29, 2022 / 05:02 PM IST

The Nifty closed higher for the second day but it was a highly volatile session on March 29. The index formed a small-bodied bullish candle that resembled the Hanging Man pattern on the daily charts.

The index opened higher at 17,297 and after swinging between highs and lows, it settled at 17,325, up 103 points.

Along with positive global cues amid Ukraine-Russia peace talks, buying in select banking & financials, including the HDFC twins, IT and pharma stocks supported the market.

A Hanging Man is a bearish reversal candlestick usually formed at the end of an uptrend or at the top. In a perfect 'Hanging Man' pattern, there will be a small upper shadow or no upper shadow at all, a small body and a long lower shadow.