There were 2 strong indications to go short on Nifty:
1. M pattern (Double top) forming around 15,230.
2. TrendLine break and last kiss was also seen.
The target logically was the last region of consolidation where I expected Nifty to find support, which was around 15,100.
The market has been range bound since the post budget rally and is finding it difficult...
Stock has given a clear inverse head and shoulders pattern breakout on weekly charts in today's session and looks pretty much ready to approach higher levels. Buying looks to remain intact and long positions can be taken.
