Nifty spot is currently trading at 8259, and this is the last session for the week ending on August 21, 2015. Today nifty has broken through the key support of 8355 established by a strong trend bar during the week ended on July 17, 2015. Possibility of a head and shoulder top reversal pattern is also visible and nifty has reversed from the height of the left shoulder and triggering possibilities of a head and shoulder reversal that will get confirmation if nifty manage to hold below its neckline around 7950 in coming days. As per current scenario market bias has turned bearish as prices have fallen below 20 weeks SMA and likely to settle below the same. Now areas of 8190 are a minor support if bulls manage to protect this level then we will see a consolidation among 8200-8500 in short term. Failure of 8190 will put focus back on the neckline support of this reversal pattern at 7960 and any weekly close below this level will offer a retest to 7200-6800 zones. A healthy correction is also due out since long time and in case if this head and shoulder bearish reversal gets confirmation then a 50-60% correction, that stands near 7526-7150 zones, of yearly trading range can’t be ruled out.
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