Nifty developed an 'evening star' pattern in daily chart , which is a very strong bearish signal. Ahead of Ayodhya verdict, market is selling off from the strong selling zone near all time high. There is a strong possibility of an extreme volatile market in the coming days due to the high sensitivity of the issue.
If price breaks the blue trendline, I am anticipating a downward rally till price reaches the strong buy zone as marked in the chart.
Also, a clear bearish divergence in MACD histogram has developed in daily chart of Nifty
price broke and the trendline comfortably on 13th Nov and today it went back up to test the trendline. Today's candle is a bearish dozi type candle. If I have to bet my money on Nifty at this point, certainly it will not be for the bulls.