Markets opened on a flat note and traded with choppiness to close with marginal gains. After a continuous rally of
nearly 300 points in the past four sessions, the daily charts now indicate a candle stick pattern which resembles a
“Hanging man” formation. This indicates that if the low of the “Hanging man” i.e. 16806 / 5038 is broken, then we
may witness a fall up to 16600 – 16450 / 4980 – 4940 levels. On the upside, if indices convincingly trade above
17000 / 5100 level then it may test 17200 – 17300 / 5140 – 5165 levelsBookmark
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