In short - Nifty is Overbought/Too Expensive/Too Hot to enter long currently.
The further Nifty moves upwards the more expensive it'll get and higher the risk of negative short term returns/losses in case of futures.
An inclined rally in a higher time frame is always followed by a dip.
Step aside for the rest of the week and wait for any dip.
F U SEE THE DAILY CHART ITS A LONG ACCUMULATION BY BIG PLAYERS FROM AUGUST TO ALMOST DECEMBER START
THIS STOCK IS TRADING AROUND 60 LEVELS, ACCORING TO WHAT CHART SAYS IF IT BREAKS 70 WE CAN SEE A BLASST TILL 100 LEVELS
SL CAN BE 55rs ON WEEKLY CLOSING BASIS