I had mentioned, in my posting yesterday; a deep negative day to occur today and you have seen it. NIFTY has closed below the 62% retracement level (lower level chart) indicating a possible Red-Friday. Chances of a FRY day cannot be ruled out. A breakdown below the bottom tend line “BT”, can take NIFTY to a minimum of 5070-60 level easily.
In the insert, the EOD chart of Futures for the last 13 trading days is shown. Observe the close of today, which closed below the pattern. Interestingly, it was done at the last min of trading. Was it purposeful to avoid any support possibility at that point? We will see.
Anyways, today’s closing has given a strong warning.
Tweets @masterstrokes
