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Traders are advised to remain long as long as Nifty trades above 10350 levels and a stop can be placed around 10400 levels on closing basis for the index. A hold above 10,350-380 could propel the index towards 10,495-10550 levelsThe Nifty, which hit a record high in the opening tick, failed to gain momentum throughout the trading session on Wednesday and closed slightly in the red making a ‘Bearish Belt Hold’ kind of pattern on the daily candlestick charts.
Formation of Bearish Belt Hold after two bullish candle suggests pause in the momentum. Short term traders can book partial profits while the rest can remain long with a stop below 10400 on a closing basis, suggest experts.
A ‘Bearish Belt Hold’ pattern is formed when the opening price becomes the highest point of the trading day (intraday high) and the index declines throughout the trading day making up for the large body. The candle will either have a small or no upper shadow and small lower shadow.
In Wednesday’s price action, Nifty opened at 10,494.40 rose marginally to 10,494.45 which was its intraday high. The index slipped after hitting a record high to its intraday low of 10,437.15. It finally closed 19 points lower at 10,444.20.
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