Today It seems the Nifty Future is fired on all cylinders and there is no looking back. After crossing my resis level 5555 last week.... today nifty made high of 5777.... and closed a strong note...me given 5555 level from last few months....finally nifty gain big strength weekly closing of that level .
And now ..please do not take this as an advise to go short . I am reminded of the market prior to Jan 2008 when the mood was very similar to today (If I recall right, that time it was known as "India Shining"). Add to the current mood, Reliance doing the catch up act as it has under performed the Nifty by a good margin and you will know why I am suggesting don't preempt the top. However for this to happen, Reliance has to cross above 1051.
And now ..please do not take this as an advise to go short . I am reminded of the market prior to Jan 2008 when the mood was very similar to today (If I recall right, that time it was known as "India Shining"). Add to the current mood, Reliance doing the catch up act as it has under performed the Nifty by a good margin and you will know why I am suggesting don't preempt the top. However for this to happen, Reliance has to cross above 1051.
Whether to create fresh long positions now is an individual choice, but existing long positions will do well to trail the position with stop loss of 5725. Short positions should be avoided at least for tomorrow - till the market gives some indication of weakness.
All the Best.
All the Best.
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