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Stock : Reliance Industires
CMP : 2147
21 Day EMA – 2135
Index : Nifty
CMP : 4311
21 Day EMA – 4197
Gods Grace till Reliance Doesnt Breaks below 21 day EMA. A stock closing and the candle well below 21 Day EMA is really bad in short term.But if the leader follows the same then it is very difficult to say who is going to take the leadership tommorow.
Nifty's Volatile Index ( VIX) shoots above 40 which is at a very dangerous and panic level. What we are gonna do tommorow? As per My view closing below 4200 symbols a very bad cue for the coming days. And from the weekly charts that bears are losing control and Nifty has formed a Hammer pattern as per weekly charts. And I blindly belive that markets will have to hold 4250 any way. So keep strict stop loss if you are in Delivery Positions or holding any long in derivative products. For coming week there are crucial announcements from the RBIon July 29, so we need to have a close watch on the monetary policy.
Hope Reliance Sustains anyway. Atleast Pharma,Banking, IT Stocks anyone of them Should take the lead to sustain the upward mometum in Nifty.
Do Remember "If the king goes down then there is no meaning of playing Chess"
In simple terms "GAME OVER"
Regards,
Rajandran R
Author – MarketCalls
