Is this a good pattern? No
Here are the reasons why one should avoid going short:
1) Premature neckline breakdown in almost 41+ bars. A breakdown in approx 64 bars (or little more) would have been a good one.
2) increases near the head and shoulder peak and decreases near the neckline in case of good pattern. In this case increases near the neckline and remains flat near the peaks.
3) Price hugging (re-testing several times) the neckline even after breakdown. Whenever neckline is retested several times it starts getting weak.
I wont be surprised if the neckline is broken upwards and Titan moves towards 875-882 zone.
Conclusion: Avoid taking any position for now. Lets wait for a proper pull back before going short (for a favourable risk reward) or a breakout above 945 before going long.
A counterfeit note is also a note. But one must be judicious and shrewd enough to cherry pick classic patterns and let go the rest.
Suggested reading to know more about classic patterns:
1) of Stock Trends by Robert D. Edwards and John Magee (Explanation of all the classic chart patterns in detail)
2) Diary of a Professional Commodity Trader by Peter Brandt. (This is must read for traders who have surpassed beginner phase. In this book he has explained both his successful and unsuccessful trades from the past along with the trades that he chose to avoid with proper justification)
1) the neckline you drawn is not well defined and clear in my opinion (This could be subjective)
2) Head and Shoulders and Inverted H&S are reversal patterns and not continuation patters. So you should be looking for an inv H&S pattern only after a downtrend and Biocon on day chart is not in a downtrend.
3) Volume at the left shoulders (since you call it inv H&S) is not peaking at the left shoulders bottom.