of an uptrend is an indication that the market may witness profitbooking or a possible downtrend may start.In the above chart, last Friday, just after the formation of bullishengulfing pattern, a red candle with a long upper shadow appeared. The same was the case this Tuesday, Wednesday and Friday, indicatingthe sessions encountered sell off. On Monday, the formation of longlower shadow means that the attempt by the bears to push the indexdown was negated by the bulls. On Thursday Nifty gained 32.10points, the only session bulls were in total control without muchvolatility either on upper or lower side. The following table gives the sessionwise gain/loss for Nifty.
DatePointsGained% Gain /Loss