Bearish Hanging Man Confirmation Needed in Nifty

The Nifty, on Tuesday, opened with a gap up near the highs of the day touching a high of 5962, just 9 points shy of the crucial resistance of 5970. But those highs were not seen for long as it began its slide down soon after opening and made a low of 5868 by mid afternoon and then started a very smart recovery to close near the highs again, though, just a few points in the red near 5930. The candlestick pattern seen on the daily charts is what is known as a Hanging Man. For a detailed analysis of the Nifty, continue reading.