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The Nifty which opened with a gap up failed to hold onto the momentum and closed just above its crucial support level of 10,700 making a Bearish Belt Hold kind of pattern on the daily charts.
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.
Formation of a Bearish Belt Hold pattern after a bullish candle does not augur well for the bulls, but as long as Nifty holds above 10,680-10,700 levels, the momentum should continue.
The index opened at 10,783.85 and rose marginally to 10,784.65 which made an insignificant upper shadow on the charts before bears took over. The index declined below 10,700 in intraday trade to hit an intraday low of 10,689.80 before closing the day 21 points lower at 10,718.05.
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