Short RIL: Once 1975 breaks. Today's strength may be illusion
RIL all time high came way ahead of the Nifty in September 20 itself. Since then it has had made rapid declines and from mid november ran sideways in to a triangular formation.
Today's leap up could turn out to be the final wave e within this triangle that forms a larger degree wave iv.
A goal of 1650 wont be audacious with a review in between at 1840 for take profits or not, but this setup triggers ONLY when RIL futures move below 1975.
It is stocks like Reliance and a few other large caps that took rest after peaking out ahead of the broader market and all side stocks in the derivatives space and cash non derivative stocks created frenzy making a number of "knowing too much" traders get hesitant on the indices. Now with a resumption of the downtrend possible in these biggies and the side-market having frenzied out who knows Nifty may give a deep good 10% correction signal too if it closes below 13585 today.
Stay tuned. Outlook and analysis subject to change, soon as market produces any other pattern or signal! The only sure thing in life is hunger and the other sure thing that relieves from this only one sure thing is death. Rest is all risky!
Today's leap up could turn out to be the final wave e within this triangle that forms a larger degree wave iv.
A goal of 1650 wont be audacious with a review in between at 1840 for take profits or not, but this setup triggers ONLY when RIL futures move below 1975.
It is stocks like Reliance and a few other large caps that took rest after peaking out ahead of the broader market and all side stocks in the derivatives space and cash non derivative stocks created frenzy making a number of "knowing too much" traders get hesitant on the indices. Now with a resumption of the downtrend possible in these biggies and the side-market having frenzied out who knows Nifty may give a deep good 10% correction signal too if it closes below 13585 today.
Stay tuned. Outlook and analysis subject to change, soon as market produces any other pattern or signal! The only sure thing in life is hunger and the other sure thing that relieves from this only one sure thing is death. Rest is all risky!