Nifty Forms ‘Bear­ish Belt Hold’ Pat­tern; Small Cor­rec­tion Ahead

The Economic Times - - Smart - Mar­ket In­tel­li­gence

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, Chartviewin­

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

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