NEW DELHI: Nifty50 fell for the fourth straight day on Wednesday.

As many as 44 of the 50 index stocks ended lower, as Nifty formed a bearish candle on the daily chart. With a close below the 11,700 mark, the index filled the previous gap area between 11,750 and 11,783 levels formed on February 4.

Analysts see higher chance of the index moving southwards.

The 11,800 level may prove the immediate resistance on the upside. “Nifty is hovering around its key cluster and 200-SMA on the daily chart.

As long as it holds below its immediate resistance at 11,800, the bears will have an upper hand on the market and we may see a further correction towards 11,615 and 11,500 levels,” said Chandan Taparia of Motilal Oswal Securities. For the day, the index fell 119.40 points, or 1.01 per cent, to 11,678. Gaurav Ratnaparkhi of Sharekhan said while Nifty has reached the daily lower Bollinger Band, the bands are in expansion mode.

What this suggests is that the index can continue to slide along with the lower band.

“Nifty is now just a stone’s throw away from the February low of 11,614, which can act as a support in the near term,” Ratnaparkhi said. Arun Kumar, Market Strategist at Reliance Securities, said the index closing below its long-term average of 11,686 does not augur well for the bulls from a psychological perspective. “An incremental breach of its swing low of 11,707 could drag the index towards 11,400,” he said.