"There is a time to go long..There is a time to go short &
There is a time to go fishing"
The screen is not giving any indications whatsoever. Hold your positions and sit tight.Till markets breakout on either side its better to stay out.
However this week the market leaders are going to announce their results....
Reliance Industries, Larsen & Toubro, Maruti, JP Associates, ONGC and Bharti Airtel.....pretty much every sector leader!
Since election election results,Nifty has moved up by 16% and Reliance is down by 10%, now that is an under performance by 26% by a market leader.Since 1992-93; this kind of behaviour over an extended period of time that is 8 months has never been observed in the past. So I think the biggest trade for the next month or so, short-term trade, intermediate trade is Reliance because I think it will play a catch up game and rest of the stocks in the Nifty names will underperform.
The chart shows a breakout which will be confirmed on a closing above 1125. Keep a watch!
Regards,
Rahul T
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