Today's NIFTY Movement

Today NIFTY opened in positive and closed at some 83.5 poitns above the previous day's close. Whats more important is it broke a crucial level of 4880 and closed above it. The NIFTY movemnet is given below:

For most of the day NIFTY traded above 4850 and finally crossed the 4880 level. Although I have predicted a downward movemnet of NIFTY in short term..based on some chart paterns and technical indicators...now NIFTY movemnets become crucial as it has crossed a crucial mark. Most of the stocks in NIFTY are at overbought positions but still its going up...So now it become important to Watch the NIFTY movemnets for over next 2-3 days beforme jumping to any conclusion....

Comments are solicited ..if some1 can point out if my analysis is goign wrong somewhere it will be very helpfull also if some one can different perspective....it will be great for every reader of this blog....