Nifty - Penant Formation - More pain in store?

NSE:NIFTY   Nifty 50 Index
53 0 0
After trading strong through he day yesterday, Nifty             witnessed selling towards close and ended the day in the red, which is negative.The bears were able to get the better of the bulls. Nifty             has now closed below a PENANT formation on intraday charts and according to this, Nifty             could head towards the 7800 levels. However the Nifty             remains over sold and any bounce could be sold into, until 8390 is taken out on the upside.
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