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Over night steep fall in US markets (growing  pessimism over the Federal bail out package) , increasing Crude oil price and nearing F&O settlement would quite naturally increase the volatility of the Index. If volatility increases, your odds of beating the market diminishes. During such times, even the best trading strategies would fail to give you profits. For retail investors, my advice is to stay away from the market. For compulsive traders buy 4100 put on opening of the trade, trail with stop loss and don't carry the position to tomorrow. 

As for as Reliance Industries is concerned, most of the FII are holding this company. To meet any immediate cash requirement, they tend to sell this. I don't expect our Mutual Funds and domestic institutions would buy or lend support at that time. If Reliance falls below 1500 in coming months, buy for long term. Though the valuations seems to be  very attractive now compared to it's future earnings,there is every chance to get RIL even lower price. So don't enter RIL now for long term. Today, I hope ICICI Bank will be slaughtered in the Market.

Today is a day for going Short.

Nifty Expected range 4050 - 4250 .