INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Nifty50 fell for the fourth straight day on Wednesday
As many as 44 of the 50 index stocks ended lower, as Nifty formed a bearish candle on the daily chart.
With a close below the 11,700 mark,
the index filled the previous gap area between 11,750 and 11,783 levels formed on February 4
Analysts see higher chance of the index moving southwards
As long as it holds below its immediate resistance at 11,800, the bears will have an upper hand on the market and we may see a further
or 1.01 per cent, to 11,678.
Gaurav Ratnaparkhi of Sharekhan said while Nifty has reached the daily lower Bollinger Band, the bands are in
What this suggests is that the index can continue to slide along with the lower band
said.
Arun Kumar, Market Strategist at Reliance Securities, said the index closing below its long-term average of 11,686 does not augur well
