NEW DELHI: The Nifty50 fell half-a-per cent on Tuesday and formed a bearish candle on the daily chart. The candle resembled a Bearish Belt Hold pattern, as it had little-to-no upper wick, suggesting selling pressure on the index from the word go.
That said, some buying emerged at low levels, as suggested by a long lower wick on the daily chart.
Analysts believe the ongoing selling pressure may continue should the index break below the 11,480 level in the short term.
As long as the Nifty50 does not drift below 11,480 level, some sort of relief can be expected for the bulls in the next couple of sessions, said Mazhar Mohammad of Chartviewindia.in.
“A close below the 11,480 level shall further accentuate selling pressure, initially towards the 11,424 level, as the entire corrective phase is expected to last a couple of weeks. Traders are advised to make use of rallies, if any, to exit stuckup positions and wait for signs of strength before creating fr ..
That said, some buying emerged at low levels, as suggested by a long lower wick on the daily chart.
Analysts believe the ongoing selling pressure may continue should the index break below the 11,480 level in the short term.
As long as the Nifty50 does not drift below 11,480 level, some sort of relief can be expected for the bulls in the next couple of sessions, said Mazhar Mohammad of Chartviewindia.in.
“A close below the 11,480 level shall further accentuate selling pressure, initially towards the 11,424 level, as the entire corrective phase is expected to last a couple of weeks. Traders are advised to make use of rallies, if any, to exit stuckup positions and wait for signs of strength before creating fr ..
