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"The Index has formed 'Bearish Belt Hold' candlestick pattern indicating downfall to continue in near term. It is heading towards 10,127 levels which is the 200 Simple Moving Average (SMA) which might work as immediate support zone," says Rajesh Agarwal of AUM Capital.Indian equity benchmarks traded mostly in green for most part of the day but ended in red with Nifty slipping below 10,250 mark. The brutal sell-off in last hour of trade dragged the markets lower with Sensex falling around 400 points and Nifty closing at fresh 2018 low.
Banking shares were under pressure with Nifty PSU bank index hitting 52-week low of 2,917.
On the global front, Asian shares regained some ground on Tuesday after US President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminum tariffs, easing investor worries about an imminent trade war.Nifty has given a fresh breakdown from a consolidation phase of 10,300-10,630 levels. It opened higher but failed to hold gains and closed at 10,249.25 down 109.60 points. The Index has formed 'Bearish Belt Hold' candlestick pattern indicating downfall to continue in near term.
It is heading towards 10,127 levels which is the 200 Simple Moving Average (SMA) which might work as immediate support zone.
Bank Nifty has formed 'Bearish Candlestick pattern' on daily scale. It has given a closing below its major moving average of 200 SMA of 24,750 and 78.6 percent Retracement levels (drawn from low of 23,611 to high of 27652) indicating further downfall to continue in near term.
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