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$INDY - The Nifty50 reveals a bearish pattern under completion.

|Includes: iShares S&P India Nifty Fifty Index ETF (INDY)

$INDY - The Nifty50 reveals a bearish pattern under completion.

If 5988 is breached on a closing basis or 5964 on an Intra-day basis, a Head & Shoulders pattern is completed on the daily bar chart.

If this happens - and it seems more than likely given both FIIs and DIIs were sellers on Wednesday - the targets for the decline are:

1st Target: 5811

2nd Target: 5743

3rd Target: 5644

The levels vary since the Head & Shoulders are completed in different ID charts also. 

Disclosure: Short