"The Nifty50 signed off the week with a 'Shooting Star' formation on the weekly as well as daily charts, as the market made an attempt to consolidate. However, a move above the 8,200-8,250 levels will result in a fresh upward move towards the 8,300 level, they said. NEW DELHI: The Nifty50 broke below its crucial support level at 8,200 on Friday, but closed just above its opening level, forming a 'Shooting Star' on the daily candlestick charts.A 'Shooting Star' pattern is formed when the market is on an uptrend, which indicates potential tops or a trend reversal. "The index has been trading in a broader range between 8,135 and 8,300 levels for the past 10 sessions. If it sustains below the 8,135 mark, fresh selling may be seen towards 8,080-8,050 levels, and then towards the psychologically important 8,000 level.

Source: Economic Times June 10, 2016 11:20 UTC