The following is the Nifty daily chart



Look closure into the tiny candles formation here, it looks like a short term Head and shoulder is forming which is further supported by volume formation. However the formation is yet to form and we have to wait for a crack below 8550 to confirm it.
Two major resistance of nifty are 8680 and 8720 which may lead to failure of head and shoulder pattern to form.

But If in case it starts to crack then nifty will try its best to fill the gap of 8375 created on 11th of july 2016 as shown in the image above.

Further Nifty PE is 23.73 and dividend yield is 1.25

SO be cautious in every trade
Time will only tell
Market is subject to risk












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