New Delhi, Sept. 22 -- The four-session recovery in the Nifty 50 came to a halt on Tuesday as the index faced selling pressure near the 23,500 mark. After touching an intraday high, the index declined nearly 160 points from the day's peak and closed at 23,329, down 85.30 points.

The session witnessed profit booking at higher levels, indicating that the recent recovery is facing resistance. The index formed a large bearish candle on the daily chart, which completely engulfed the bullish candle formed in the previous session. This resulted in the formation of a bearish engulfing candlestick pattern, suggesting caution after the recent rebound.

In the previous session, the Nifty had managed to reclaim its 8-EMA, but it failed to sustain ab...