{"id":42101,"date":"2017-12-20T12:32:54","date_gmt":"2017-12-20T12:32:54","guid":{"rendered":"http:\/\/www.bnreport.com\/tech-view-nifty-forms-bearish-belt-hold-candle-signals-bear-domination\/"},"modified":"2017-12-20T12:32:55","modified_gmt":"2017-12-20T12:32:55","slug":"tech-view-nifty-forms-bearish-belt-hold-candle-signals-bear-domination","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tech-view-nifty-forms-bearish-belt-hold-candle-signals-bear-domination\/","title":{"rendered":"Tech view: Nifty forms Bearish Belt Hold candle; signals bear domination"},"content":{"rendered":"

NEW DELHI: The Nifty50 hit an all-time high level in early trade on Wednesday but faced strong resistance thereafter and retreated. At close, the index was in the red.<\/p>\n

It formed a 'Bearish Belt Hold' candle on the daily chart. Experts feel if the index extends its decline below 10,430 on a closing basis, more profit booking could be in the offing. <\/p>\n

"At Tuesday's close, the index was approaching it immediate support at 10,430 level. A violation of this level would lead to more profit booking and take it towards the 10,380, 10,360 levels. On the upside, the immediate resistance is placed at 10,470 and 10,500 levels," said Rajesh Palviya, Head Technical & Derivatives<\/a> Analyst, Axis Securities. <\/p>\n

In a 'Bearish Belt Hold' pattern, the day's opening level becomes the day's high for the index, while the index closes near the day's low. It indicates that the bears dominated the bulls throughout the session. <\/p>\n

The Nifty50 settle the day almost near the day's low point at 10,444, down 19 points or 0.18 per cent. With this, the index snapped a four-day winning streak. <\/p>\n

" Wednesday's Bearish Belt Hold formation should ring alarm bells for short-term traders about its impending weakness. Unless the Nifty50 gets past the 10,494 level in a couple of sessions, there can be a possibility of 'Double Top' formation going forward. Besides, another major index, Bank Nifty<\/a>, which was underperforming hitherto, has formed a Bearish Engulfing pattern. Hence, any selling pressure on the index may eventually spill over to the broader market," said Mazhar Mohammad<\/a> at Chartviewindia.in. <\/p>\n

The analyst believes short-term traders should book part of their profits and ride remaining positions with a stop loss<\/a> below 10,400 on a closing basis. <\/p>\n

Chandan Taparia<\/a> of Motilal Oswal Securities believes the index needs to hold above the 10,380 level to see a bounce towards 10,495 and 10,550 levels. Support is seen at 10,330 level. <\/p>\n

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Original Article<\/a><\/p>\n

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The post Tech view: Nifty forms Bearish Belt Hold candle; signals bear domination<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI: The Nifty50 hit an all-time high level in early t..<\/p>\n","protected":false},"author":1,"featured_media":42102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-42101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nTech view: Nifty forms Bearish Belt Hold candle; signals bear domination - Business News Report<\/title>\n<meta name=\"description\" content=\"NEW DELHI: The Nifty50 hit an all-time high level in early t..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/tech-view-nifty-forms-bearish-belt-hold-candle-signals-bear-domination\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech view: Nifty forms Bearish Belt Hold candle; 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