Friday Noon Time Update

Nothing serious is emerging technically on the charts so far; except that long shadows on candlestick charts are pointing towards resistance above 4600.
Our markets are imbibing the world market trend which is down. There are no triggers at hand to make a big move upwards or downwards.
Movement of Reliance this week was very sluggish on either side. It has to move beyond 2500 as we have been saying earlier many times. But it is being weighted down by its medium term outlook which is down. Read our earlier posts for its technical outlook.
In such a scenario, we are not initiating any long or short call for the moment.
More adventurous can initiate another long straddle of strike 4500 in options only.