In daily close chart- It has broken out. In day/week candle chart, it is at the channel resistance. Since Post Election results of last year, this stock has been consolidating. Either breaks out of 1120 & 1145 to much higher levels OR correct towards 1025 & then launch into big move up..
Tata steel seem to have completed a "5"; so did SAIL yesterday & reversed sharply. These are for sell on bounces with a close stop @ recent highs. Others-SBI, Icici bank & Rel.Capital - Looks OB but no reversal sign yet. Banking stocks could be a decider for the near term trend.
Stocks such as SBI, Icic bank & Rel Cap seem to be in a triangle consolidation with one more down to complete the triangle before the final thrust up. The final down can be either a deep or a shallow one. TA also looks Overbought and in some with negative divergences as in Tata Steel.
“Warren decided early in his career it would be impossible for him to make hundreds of right investment decisions, so he decided that he would invest only in the business that he was absolutely sure of, and then bet heavily on them. He owes 90% of his wealth to just ten investments. Sometimes what you don’t do is just as important as what you do.”