Nifty Down 1.11% Nifty Midcap 8% Up. Thats Stock Market!!!

Slowly Nifty Midcap is catching up, Still Nifty trade @ 20 PE and Nifty Midcap is trading @ 13 PE. In some days this gap will be filled, either Nifty coming down or Midcap running high. In last two days I was bearish, but looking to Individual stock chart I feel heavy weight Like Reliance Industries will give support to Nifty. You can go long in RIL tomorrow with SL 2120, or Can Short RIL below 2120 with SL 2150 on higher side. If reliance is sustaining above said level then automatically Nifty will find its support around 4200, and then can move high. But if you want to remain in better shape, than I would say “Stay away form market at least for a Day”. Calls Puts are trading @ very high premium, A/D favors bulls, Sentiments are robust, & Liquidity is ample, this all favors Bulls Very Much, but looking to recent valuation and mid-term uncertainty regarding earning, fiscal deficit and global market, Trader will be very cautious building new long position.

For Tomorrow “Stay away” ( ) If you want to carry any trade, long Reliance with Strict SL, Trader who are carrying there Short trades form last two day should keep in mind to square up if market start climbing slowly. For Trader who became long in last hour of trade today, they can hold on, till reliance is trading above 2120 and ONGC near to 1000. Exit long @ 4200.