INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 tumbled for the fifth straight session on Monday to settle below the 11,000 mark for the first time since July
close.
The index formed a Bearish Belt Hold-like candle on the daily chart, signalling a negative setup for the index
But some analysts believe a small bounceback is still possible ahead of the expiry of September series futures options contracts.
Nifty
fell 175.70 points, or 1.58 per cent, to close at 10,967, its lowest daily close in 43 sessions, said Chandan Taparia of Motilal Oswal
line by connecting the swing lows of 9,952, 10,557 and 11,100
said range is 50 per cent retracement of the entire upswing from 9,952 to 11,760 levels.
Selling appears to be overdone in last two
traders to book profits on short positions and wait for a pullback rally to reinitiate fresh shorts.
