justatrader
Short

NIFTY looks bearish, could target 8400, and potentially 8000

NSE:NIFTY   Nifty 50
NIFTY             , weekly chart printed an evening star candlestick pattern with this week's price action failing to make any big gains above the highs plotted at 8968.70.

On the daily chart , after a fake trend line break in August, price rallied to make a new high before printing a doji and a bearish candlestick today. Short positions from 8000, could see price falling to minor support at 8688.90 followed by 8400 and perhaps to 8000.

The evening star comes after nearly 189 days of rally in the index. Incidentally the highs from early September coincides with the previous high made in the first week of March 2015, after which NIFTY             fell by over 21%.

Something to bear in mind as the Indian equity markets have enjoyed a stellar             rally, especially banking stocks/PSU's with fresh influx of money over the past months.
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