NIFTY

Nifty is looks like forming a bullish head and shoulder, if tomorrow nifty can move higher and close above 8355 it will confirm the pattern. If it does so then nifty can move upto 8650-8700. Around 8637 comes a intersection point where lower end of the upward channel in which nifty was trading and at the same level upper trend line of the channel comes in which nifty is moving after making a high of 9119. So 8325-8355 levels are critical if we will be able to close above that nifty will become mildly bullish. FIIs also like to short at higher levels. They are selling in cash but buying stock futures either hedging their positions or just trying to take short term benefit but in long term they are still bearish because of selling in cash.