From the above chart of Nifty we are able to see that Nifty is forming an Evening star candlestick pattern along with trendline resistance. Nifty was moving in a triangular pattern from the highs of 8620 to lows of 7970, and it eventually Broke out of the triangle @ 8400 levels, the target was 8400+600= 9000, on 27 January it made a high of 8994 which was very near to the price pattern target. Shorts should be created in NIFTY with targets of 8500, and a high probable target of 7700 in the next 3-4 months.
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