Nifty analysis for 08/03/19

Nifty has posted hanging man patter like candle which is downward trend reversal. Though it is single candle pattern, if today's candle is red then it will confirm that nifty may go down. Else it is slowly moving towards red line. Nifty current PE is 27.11 which is in over bought zone. So it may also get corrected if nifty comes down.