Nifty PreMarket View.

The most common mistake "Stock market participants" commit is copying the trade of another person "without knowing the time frame of that other person". There are traders who enter & exit by the time you copy their trades. There are traders who keep their positions till the targets are met or the trend is in their favour as long as the series hold or roll them over for months too. These are two extreme kinds and there are many in between too.
Investors belong to altogether a different class as they do not "leverage" and thereby able to hold on to an investment inspite of a 10% value erosion during corrections/ downtrends whereas the speculator (Leveraged trader) would almost lose everything holding a "Buy" in such a downtrending/ correcting market.
Knowing your time frames(the period within which the expected price should unfold., if not fold your position), the losses you are willing to take( not a paise more than that, please), the price target (Book partially only if the trend continues to be in your favour) are some of the few essentials one should incorporate in their trading plans.

In the final analysis, it is the "direction" (or the lack of it) of the market and the earliest acquiring that knowledge will set you apart from the crowd and bracket you to the most accomplished market participant...trader or investor, you may be. Unbiased, objective analysis is the only way though we often fall down with our perception of the market which is coloured by our opinions/ sentiments and emotions.
I have given IDFC view in stockwealth for a reader.
I have given a month chart to show the larger price action for "LT Investors".

Do not confuse your long term investment with trading positions. 3500 is still a hold for LT. However, part booking at "stretched" never hurt.