Nifty going for extension towards 19200 to 19500 or soon in a day or two starts pull back journey towards 18040 to 17800 : My Take : I don't know yet but what I know is two stocks two levels to watch
1) Reliance 2450
2) TCS 3220
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If both this manage to hold when nifty gives pull back from 18836 to 18900 zone & moves above its recent swing high then consider we are doing extension despite of over bought RSI, we may move upside by doing range consolidation so that 1hr RSI gets cool off and Nifty gets a space to move for next 2 to 4 session then range consolidation in 1hr RSI & again up move this case for extension.
If both reliance & tcs breaks 2450 & 3220 then high chance are there we may see pull back first than uptrend again.
Another thing to watch out which can give fuel to bulls which is tomorrow is RBI policy currently all expecting no change or pause in hike but what if we get rate cut & if this happen then it will give more boost to Mid & Small Caps is what I think and we can see a powerful move in mid & small caps.
We will closely track Reliance & TCS and its given levels to get an idea of next direction and also what's RBI is there for market in tomorrow's policy let's see.
Just remember as a tag line that Reliance and TCS are elephants and elephants rarely dance.
