SGX Nifty down 40 points; here’s what changed for market while you were sleeping

Nifty50 climbed for the eighth straight session on Wednesday, but in the process formed a ‘Hanging Man’ candle on the daily chart. This was the second straight session, when the index formed such a pattern that has the connotation of the trend reversal if confirmed by selling pressure in the next session. Already, the index is in the overbought territory, which has made analysts turn cautious on the ongoing rally.