@jtokarimabad, Keep in mind I myself don't trade based on elliot waves as I am not good at it. In my opinion Shorts can only be advisable below blue trendline. (The one joining red 2 and Red 4 on chart).
While Reliance has just turned bullish, Seems you lost patience on it.
@yndesai, thnks for reply .. i m also learning the wave theory ...i like most ur opinions..specially 15000 tgt when nifty was around 13000..i short nifty(taken puts of march expry ) ...at present i gained descent..still 50% position..keep posting ...the level is around 14500 of trendline ...thnks once again