INSUBCONTINENT EXCLUSIVE:
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
That said, some buying emerged at low levels, as suggested by a long lower wick on the daily chart.
Analysts believe the ongoing selling
The short-term trend of Nifty50 continues to be negative and there could be more decline in the near term
It also engulfed the positive price movement of last two weeks and partially filled the gap area near the 11,499 mark
As long as it holds below 11,620, the Nifty50 may drift towards its next support at 11,450
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 fresh longs
