Street analysts are now informing that the Nifty is in the firm grip of bears as Nifty has been attempting to form a bearish head and shoulders pattern.

It is a sign of a weakness and they inform that the Nifty could touch 5700-.

In fact, last year April 2013, when Nifty was trading at 5600 the same analysts had informed that the Nifty had formed a Head and shoulder and they all vouched for Nifty target of 4600! Once again in the month of August they did they turned bearish based on the same count. Interestingly in May the market went up sharply while in September it did come done but only to go sharply to post all time high of Nifty. Mr. Shankar Sharma on the CNBC show informed it is time to go short but if one had gone with his analysis they would have lost their last shorts. Charts do not belie but can reverse in much faster time as per the participation of the market players. It is always better to keep a stop loss while imitating short or long to keep as insurance to your trades.

Market looks directionless and could find its rhythm once Infosys announces its Q3 result.  Right now it is better to watch the show rather than initiating long or short.