Stocks breaching 200-DMA may see aggravated selling pressure in coming sessions.
The stock ended the session at 6.11 yuan, up from an offer price of 4.53 yuan
"We don't expect the negative crossover to result in a sharp market decline like we saw in March last year," said Ruchit Jain, a technical analyst at Angel Broking Ltd
Only a decisive close below 47,000 may accelerate selling pressure on the S&P BSE Sensex, charts show
The hammer candlestick usually occurs during a downtrend having strong bearish sentiment.
Unless a stock shows breakdown underneath the previous support level decisively, avoid it.
Strategy reports advocate need for caution amid volatility, with likelihood of more declines before a sustained rise signals end of bear market
Bearish market trend, Coronavirus impact amid crude oil crash have hurt investor sentiments
Market players say the overall volumes have been on the rise as the market has become quite volatile
The current trend-following signals mostly suggest selling Nifty with a stop-loss at 9,975 or 10,000
The Bank Nifty closed flat in the June series from its previous expiry close of 23,190