Nifty Daily chart
finds a confluence of 2 different bearish candlestick
pattern. First the Hanging Man
which formed one day prior to last, low of which was breached. This implies that there is potential in this Hanging Man
pattern to work and maybe drag prices on the downside. Second, if we consider the last three candles, then an Evening Star
shapes up, and its a pretty clean setup. So essentially, we are looking at two bearing pattern confluences together which can lead to some profit taking. Trigger of fresh selling will come only below yesterday's low of 11,835.