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Technical View: Nifty forms Inverted Hammer pattern, experts say be cautious on long side

Mazhar Mohammad of Chartviewindia.in has advised traders to remain cautious on long side whereas intraday traders can consider shorting below 15,670 for a modest targets of 15,550 levels by placing a stop above intraday high.

June 30, 2021 / 04:40 PM IST
India VIX, which measures the expected volatility in the market, moved up by 0.35 percent from 13 to 13.04 levels.

India VIX, which measures the expected volatility in the market, moved up by 0.35 percent from 13 to 13.04 levels.

The Nifty50 erased all its gains in last hour of trade and closed in the red for the fourth consecutive session on June 30, as all sectoral indices, except IT, ended lower.

The index formed bearish candle which resembles Inverted Hammer kind of pattern on the daily charts. An Inverted Hammer is a reversal pattern in which the index closes near its opening levels. It has a long upper shadow, small or no lower shadow, and a small body.

The index formed an Inverted Hammer or Shooting Star kind of candle on the daily chart which indicates a pause in bounce back if follow up supply happens on next trading sessions. However, it still requires confirmation.

Mazhar Mohammad of Chartviewindia.in advised traders to remain cautious on long side whereas intraday traders can consider shorting below 15,670 for a modest targets of 15,550 levels by placing a stop above intraday high.