INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 index on Monday fell for a third straight session to settle below 10,750 level
'Bearish Belt Hold' pattern on daily chart
If Nifty stays below 10,806 level on a sustainable basis, chances are that it may break below its swing low of 10,628 sooner than later,
It attempted a bearish breakout from distribution triangle on intraday basis, but closed within pattern
of last five trading sessions
The index needs to cross and hold above 10,777 to witness an upmove towards 10,880
indicator has sent fresh sell signal with a bearish hook formation.
The action over past few days clearly suggests a weak trend ahead, said
Arun Kumar, Market Strategist at Reliance Securities.
A sustained selling pressure on index below its long-term average of 10,806 for next
few trading sessions may lead to a bigger fall, analyst added.
Ratnaparkhi said weekly momentum indicator has completed pullback cycle till
equilibrium line and looks ready for new cycle on downside.
As advance-decline ratio completely favoured bears, traders will be better off
to adopt a neutral stance till indices register a directional move, advised Mazhar Mohammad of Chartviewindia.in.
