So guys i just started paper trading and i am quite new to it. I am just applying what i have learnt in technical analysis. So this is my analysis:
1)Gen Trend: Uptrend
2)Candlestick analysis:
Candlesticks seem to touch the support and then went back up(slight respect of support line but no confirmation if price goes up as no noticeable candlestick patterns observed).
3)Volume analysis
We can see that the volume of the prices is decreasing. Hence a strong trend isn’t observable.
Also guys i used the MACD ,RSI and EMA crossovers aswell ,from what i can tell all of them indicates towards a very possible short term downtrend.But im not getting anything good out of the fibonacci retracement tool(no touching of 0.5 or 0.618 zones).
So inculcating all these factors i have decided to wait to see how the market plays out before making a decision.
So can someone tell me if my analysis is correct(if not please tell me how to improve).Also i would like to see your guys views for the same.
My views differ -
I believe the daily chart is in a downtrend. Weekly and monthly charts are mostly in an uptrend for major stocks as we are a growing economy in the long term. On the weekly chart, better let it break key levels for buying. I refer this monthly candle as the “pressure candle” where bulls and bears battle it out (but still time left for the month to end). Monthly candles are stronger indicators than weekly ones and weekly candles are stronger than daily as they present a broader picture. Trading minor uptrends in major down trends is usually done by those with experience in the market as it’s quite tricky and often full of traps. There are many resistance levels that need to be broken for the price to move upward so I think the best strategy in this scenario is to go short, as it offers a higher probability of success. Personally, I see this as a better opportunity to go short than long—unless it drops to point B and bounces. But even then, it would just be an upmove within a broader downtrend.
You can also check EMAs and other indicators mainly leading indicators I suggest than lagging ones for your trading. Also, since oil prices and trump’s dow can change nifty or reliance which is in it, good to monitor the same.
-All Personal views. I don’t care about SEBI. It is common sense that no one can exactly predict the market and one should not blindly follow strangers like myself from a public forum.
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I would like to comment based on my TA learning is that , if you check at lower TF , there is a confirmation on up side , & of course Reliance is on up trend in all higher TF,
While a stock is on uptrend , if it is to test its support line or for a retrace , will be on lower volume in my experience … At best Reliance is in a range from few days. , and also i am not a Highly qualified TA , let others also comment 
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A classic example of uptrend currently is defence. textbook higher highs and higher lows. good volume and nice setup for wars. but i exited yesterday as the complete scenario is not that great for dow. i would rather short stocks than buy etfs from now.
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Yeah i agree with u ,when looking at the daily chart there is a slight downtrend ,by general trend i was referring to the trend considering many years .Reliance had reached a maxima in the prior years then continued down for a while and now up even though in the daily chart its going down slightly .
About shorting ,how do you know where your target is gonna be , r u just gonna short and then wait for the market to play out and see if it hits some level for confirmation/target or is there any other way i a m not aware of which u can directly set a target by looking at this chart. Also if ur shorting would u place the 0 line of fib retracement as stop loss???
btw can u also explain if there is any good websites for monitoring any news that affects stock markets and how to know which news affects which stocks etc.This would be of great help
Once again thanks for taking your time to reply to my query and giving ur views for the same
