Buy or Sell

This is the million doller question that we have in front of us. Nifty has completed all of our expectations and closed well above 4700 level. So can we initiate longs? Yes i will say if this happened with volumes. Still i have a mild doubt in my mind that, a small correction is still intact.

See the following chart :

As per this chart Nifty has almost completed a Cup and Holder pattern. The result from this is 5200 to 5400 level. For Reliance, if closes above 2059 then possible target will be 2241. Else a fall towards 1588 is unavoidable.

But RSI is favoring a mild correction. So if opens gap up then short Nifty at high's with 4811 as stop loss. This is only for intraday. Before entering short, just see the level in which Nifty is pausing.

A Strange thing. All Ambani group shares are trading below or on SMA. I mention this because, normally these shares will be the out performer on Market raise. But now these are the main under performer. So be cautious.

Levels for the day:

4646 - 4668 - 4691 - 4717 - 4752 - 4778

To judge the direction during market hours just follow the below given heat map.