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The Nifty, which started on a flat note, closed sharply lower due to weak global cues and fell below its crucial support placed around 10,700 levels on Wednesday, ahead of expiry of June futures & options contracts in the coming session. The index formed 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.
The 50-share NSE Nifty opened at 10,785.50 which was also the intraday high for the index which resulted in small lower shadow. The bears took control of D-Street in morning trade itself and pushed the index below its crucial support placed at 10,700 levels. It hit an intraday low of 10,652.40 and then bounced back to marginally close above its 50-day exponential moving average (EMA) placed around 10,670.
The index, which is now trading below most of its short-term moving averages such as 5, 13, 20-EMA and 50-DMA, closed down 97.80 points or 0.91 percent at 10,671.40.
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