Nifty Forms ‘Bearish Belt Hold’ Pattern; Small Correction Ahead
per shadow, which is then followed by a decline through the day. This results in a large body with a small lower shadow.
“If the index trades consistently below the 10,087 level for at least the first hour of trade on Thursday, it will witness selling pressure and see a breach of the 10,054 level on a closing basis. This may drag the Nifty50 towards the 9,900 level in the near term,” said Mazhar Mohammad, Chief Strate gist – Technical Research & Trading Advisory, Chartviewindia.in
The index opened the day higher at 10,136. But it could not find support as it drifted lower to hit a low of 10,054 after RBI’s policy announcement, before closing the day at 10,081, down 0.33 per cent. Chandan Taparia of Motilal Oswal Securities said if the index drops below 10,050, a followup decline could drag it towards 10,020 and then 9,950 levels. HIGHS & LOWS