Stock picks of the day: Power Grid, Tata Global top buy ideas amid falling markets
Episode 1515, Aug 02, 2019, 02:00 AM
Nifty50 broke below the crucial psychological support level of 11000. However, the late intraday recovery towards the end on Thursday saw the Nifty50 forming a ‘Hammer’ like candle pattern after a sharp fall.
The pattern, when formed, usually indicates a reversal of the trend. But, the reversal will only be confirmed after the Nifty50 manages to surpass the 11,080 zone.
Bank Nifty too formed a ‘Hammer’ candle pattern on the daily chart. It found support near 28,400 zone which indicates recovery may be in sight at least in the near-term.