For the Past three trading sessions since 5 th February, Nifty is trading in expanding pattern. Since the down legs are forming low bottoms, it is forming a bearish expanding pattern. Nifty is likely to decline towards 4600 in another 2 or 3 three trading sessions if it doesnt move above 4850 in coming trading sessions. On contrary, if the level 4850 is broken in the upside, then it is likely to move towards 4950. Positional Traders can initate short positions with a stop at 4780 with a stop at 4850 for a target of 4600.
