Yes! we could be heading towards the range of Nifty 4600-4800 levels, if and only if reliance remains below 2621 for another few days and that could be the last nail on the coffin.
Reliance is the culprit and reliance will be the leader, this has been proved all the times when market is weak and when market is strong.
Reliance has a very strong resistance at 2621 which it is not able to break,as happened yesterday also, it did managed to make a high above 2621, but failed to manage to close above it and closed down in negative below 2600.
This is an indication that we could be having a possible correction tomorrow and the budget will be announced tomorrow as well(if my dates information are right), I am not very optimistic about the budget and our FM will be more interested in more collecting tax from the stock market rather raising the IT slab to 2lacs, which we might never able to witness in coming 50years, and which is highly anticipated among the middle class and higher middle class indians.
Coming to the point, I would be more interested in short selling at highs, and with every support level being broken.
My simple suggestion "Make hay while sun shines" and when sun is not shining stay inside your homes coz the bears roam in the dark nights!
Best of Luck!
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