NEW DELHI: The Nifty50 fought hard to come out of the negative terrain for most of the session on Thursday but eventually settled just a tad lower from its previous close. In the process, the index formed a ‘Hanging Man’ pattern on the daily chart. This pattern is formed when the real body is small and the lower wick is long, giving rise to a pattern that looks almost double the height of the real body. Traders were seen respecting the 9,218 level, which was the lowest point for the index. Recent activity suggests declines are being bought into and that gives analysts positive vibes. That said, certain technical indicators are still sending out bearish signals. “The Nifty50 recovered after hitting a low of 9,218. This is a clear sign of a strong uptrend and, hence, we would like to stay with the flow rather than taking a contradictory bet. As far support is concerned, the 9,230-9,200 levels remain strong support,” said Sameet Chavan- Chief Analyst for Technicals & Derivatives at Angel Broking. The Nifty50 opened lower and soon hit a low of 9,218. But the index made a strong rebound and at one point hit the positive terrain at 9,267. The index eventually closed the session at 9,261, down 3.20 points, or 0.03 per cent. The index made green real body on the day chart for the seventh consecutive session. (See table) “Now it has to surpass its immediate hurdle at 9,280 levels to witness a fresh upward move towards 9,350 and 9,380 levels, while on the downside, immediate supports are seen at 9,218 and 9,191 levels,” said Chandan Taparia, derivative & technical analyst at Motilal Oswal Securities. Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory at Chartviewindia.in, said the bulls can make an attempt to get past the 9,274 level going forward. “They can attempt a new swing high and if they succeed, the momentum may push the index further towards its next logical target of 9,350. However, as technical parameters are slowly shaping up a bearish setup, we recommend traders to remain cautiously optimistic,” he said while advising traders to keep stop loss below 9,156 level on a closing basis. Chavan expects continuation of the ongoing uptrend towards 9,400-9,600 levels over the next few weeks, which is the price extension of previous uptrend from the low point of 7,893.