New Delhi, Sept. 18 -- The Nifty 50 started Thursday's session below the 23,200 level and formed an almost open low candle, indicating buying support from the opening levels. The index moved above the previous session's high during the day. However, despite extending gains for the second consecutive session, the index remained below the 8-EMA.

The price action resulted in the formation of a bullish-bodied candle with an upper shadow, indicating profit booking at higher levels. However, the index formed a higher high and a higher low compared with the previous trading session.

The index tested the 50% retracement level of Tuesday's trading range but failed to maintain the momentum and eventually closed below the 38.2% retracement level. ...