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The Nifty which started on a positive note failed to hold on to momentum and breached its 5-day exponential moving average in September 3. The index closed below its crucial support placed at 11,600 and made a robust bear candle on daily charts which resembles a Bearish Belt Hold kind of pattern.
The Nifty index found support at 13-day exponential moving average (EMA) before closing the day at 11,582, down nearly 1 percent from the previous close of 11,680.
Traders are advised to tread with caution and use rallies to create short positions. The short-term trend will favor bears as long as Nifty trades below 11,760 levels suggest experts.
Finally bulls appear to have surrendered as they were trapped near to the lifetime highs as the index opened with a strong gap-up before signing off the session with a robust bear candle. This reversal formation confirmed the short term top around 11760 levels,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
“As the index settled below its ascending channel which was in progress from the lows of 10557 for the last 45 days it has opened up a new downside target placed around 11425 levels. However, in between a decent support can be expected in the zone of 11499 – 11486 levels breach of which shall further accelerate the selling pressure,” he said.
Mohammad advises traders to create fresh short positions by making use of pullback attempt as index head towards 11,650 levels. “Short-term trend will continue to favor bears till the Nifty 50 closes above 11,760 levels,” he said.
India VIX spiked up by 6.29 percent at 13.39 and a sudden jump in volatility is a cause of concern for immediate basis.
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