Candlestick charts indicate the formation of a 'Three White Soldiers' pattern, which is an exceedingly bullish reversal for the market," Nikhil Kamath, Co-Founder & Director, Zerodha told ETMarkets.com. "The Nifty50 registered a 'Three White Soldiers' kind of formation on the Japanese candlestick charts as the bulls continued to display their strength for the third consecutive trading session. The immediate hurdle could come at the 8,172 level as well as the 61.8 per cent retracement level at 8,242. "Most of the inherent froth in the market appears to have been taken out when Nifty fell to the 7,780 level. As per the theory, this pattern is usually formed after a period of consolidation.

Source: Economic Times May 27, 2016 05:46 UTC