Nifty - Destination 4200 - Anil Desai

Let us talk about Nifty via Reliance (chart posted above). As indicated in my earlier posts, Nifty breached even the last pullback level of 4610. The bearish engulfing candlestick formation on both Reliance and Nifty is suggesting that our stock market is slowly slipping into a coma.

Levels to watch for:

Nifty closing below 4495 will see more bloodbath and panic in midcaps will start, as per my assumption. Let us pray the buying will emerge before this level is reached. The next level for a pullback is 4215. It is best to stay away and keep your cash intact till a trend reversal is confirmed, which may be either tomorrow , next week , next month or next year.