AXISBANK:
26 Oct 2015: Bearish piercing line observed
– Bearish piercing line covers previous day’s high
– Smaller lower tail
-Covers 50% of previous day’s body
Take short position on Oct 27, 2015 when price falls below 518.8.
Stop loss = 532.4
Target = 505 achieved on Oct 28, 2015
Hi mam
The pattern you have found is doji followed by a break down gap.
piercing is a reversal pattern mostly seen in the trend reversal points.
the newer candles’s body should cover at lest 50% of the older candle.
There should be adequate volume,
Bearish piercing should have short lower tail and bullish piercing should have short higher tail indicating the momentum is strong enough to with stand the level.