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Now the support base has shifted higher to 19,200 levels, from 19,000 earlier and the next hurdle for the Nifty could be 19,600, followed by 19,800-20,000 area, experts said.
Hanging Man is a bearish reversal pattern, which occurs at the top of a trend. This pattern appears after or during an uptrend.
The selling pressure may continue for few more sessions amid consolidation, but large correction is unlikely due to favourable domestic economic conditions and fall in global commodity prices, experts said
The Nifty50 seems to be positive in direction as long as it holds 18,200 levels, which can be immediate support, whereas 18,400-18,500 is expected to be crucial hurdle in coming sessions, experts said.
Hence, if the momentum continues and the Nifty50 holds psychological 18,000 mark, then 18,200-18,300 are expected to be next resistance levels to watch, with supports which shifted higher to 17,900 followed by 17,800 levels, experts said.