NEW DELHI: Nifty50 on Tuesday again failed to cross the strong resistance at the 8,820 level and snapped a four-day consecutive gain to form a pattern similar to ‘Bearish Belt Hold’.A 'Bearish Belt Hold' pattern is formed when the opening price is the highest point of the trading day (intraday high), which means there is a small or no upper shadow and the index declines throughout the trading day, forming a large body and a small lower shadow. (See chart)Analysts see a sharp correction going ahead, if the index were to break below 8,785 on a closing basis. On the flip side, the 8,820 level has earned a status of being strong resistance after a four-day attempt to topple it on a closing basis. A close above this level is the key to any upside.Nifty50 saw gains in the pre-open session. The index opened higher and touched its day’s high of 8,820.45 instantly. The rest of the session was listless. The 50-pack index closed the day at 8792.30, down 12.75 points, or 0.14 per cent.“The technical set up is favouring bears as one more technical parameter in Tuesday’s trading session generated a sell signal. On such a breakdown initial targets (8,785) can be 8,714 levels below which short term down trend can be expected to trigger. Hence, we recommend traders to go for part profit booking,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory at Chartviewindia.in.Sameet Chavan, Chief Analyst, Technical & Derivatives at Angel Broking said there were a few initial signs of the index breaking the shackles to give a convincing close beyond the 8,820 mark.“Once again the index failed to do so and, hence, this hurdle has now earned tremendous respect from the bulls. We expect this consolidation phase to continue in the market as long as trading range of 8,820-8,715 remains intact. Directionally, the bias remains positive and considering the upward sloping ‘5 day EMA’,” Chavan said.