Commenting on the current market situation, Amar Ambani, Head of Research, IIFL, said, “Just when we thought, that Nifty was all geared up to rally towards the 8300 mark, indices took a breather. After the Hanging Man candle stick pattern which is considered as the reversal sign, Nifty has further formed a bearish engulfing pattern today which indicates that additional selling pressure could be in store.”
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