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This study is related to technical analysis. The objective of this project is to verify whether a chart pattern really helps investors in developing buying and selling strategy in short term investment horizon or not. For this purpose, different shapes formed by the movement of share prices have been considered. In this study, we have taken the Double Top, Double Bottom, Head and Shoulders, Inverted Head and Shoulders and Symmetrical Triangle (downward) chart patterns. The period of this analysis is from 1st January 2000 to 31st December 2009. We only considered fifty stocks, which constitute NSE index NIFTY. Here in this small research we have traced the specific shapes mentioned above in the graphical form and then noted down the prices of scripts at the end point of the shape. We have noted the prices after 7 days and after 14 days after the formation of specific shapes as well from the share prices charts. Thus we could check the return from the investment in the short term and consequently we could verify whether those result match with the established norms of the technical analysis or not.

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