The Nifty50 formed a Hammer-like candle on the daily charts, a bullish sign provided we see a follow-through in Tuesday’s session as well. A Hammer is formed after a price decline. It has a small real body and a long lower shadow. The Nifty50 opened higher, but bears pushed the index towards an intraday low of 17,429 before reversing the trend.
Short-term traders can look to buy the stock now for a possible bounce back towards 500 levels in the next 2-3 months, suggest experts.