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Bulls failed to regain control over D-Street as the Nifty slipped below the crucial moving averages such as 5-day exponential moving average (EMA), 20-EMA, 13-EMA in a single day and made a "Bearish Belt Hold" kind of pattern on daily charts on September 17.
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 a small lower shadow.
The index slipped below the crucial short-term moving average and the next support is now placed at 11,250 which was the swing low formed on September 12. On the other hand, for bulls to take control, Nifty has to reclaim the 11,520 level.
The Nifty opened at 11,464 and slipped below 11,400 to touch its intraday low of 11,366 before closing the day at 11,377, down 137 points.
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