NIFTY has closed below the intraday critical level and hence I anticipate continuation of the fall. On the futures chart, an Evening Star pattern is observed, which, theoretically is a highly reliable reversal pattern. Note that a similar Evening Star was made fro Jan 5-7, which saw the market falling from 5300 to 4667. Of course it does not mean that a fall of such intensity has to occur once again, but, it cannot be ruled out.
Remember, the observation I had passed on through yesterday’ posting, that the prior two days saw a closing below the opening. The effect is evident today.
The intraday critical levels for tomorrow are as below.
| 5156 | 5143 | 5131 | 5127 | 5111 | 5095 | 5091 | 5079 | 5066 |
On the daily scale, the critical levels are as below out of which 4970 is more important; a Decision maker.
| 5191 | 5149 | 4970 | 4791 | 4749 |
