As explained yesterday "There has been a pattern since sometime, the day dow tanks we recover by end quite a bit but give up gains the next day, when the World markets are green, so enguard / Caveat emptor" which turned out to be right, We have a more severe fall today, pointwise and percentage wise. Yesterday we were down more than 200 Nifty points & closed better than that.
So the operators use Dow to play with retail psychology ? If Dow dropped 370 points and we recovered from days lows to close around 2.5% down, retail confidence was built, with a follow-up stability the next day, so you say well looks like everything's fine lets buy... & bang suddenly after 2:00 PMish operators offload whatever they bought day before to hold the markets & then panic is created.... same story usually, so I said Buyers Beware...
Well anyways the 5170 have given way & after that the fall accelerated, so now 5071 is crutial, but should remain down under 5071 to be considered not just a dip & go kindof thing, if that happens then doors will be open for sub 5000 levels, around 4850 / 4900.
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