Since this is a complete waterfall, it is yet hard to say if the stock is correcting or if it's going to remain bearish only. Seeing the fundamentals and the energy around the stock, it is unlikely that it will pickup any time soon.
As per technicals, this is a complete bullish cycle completed. This is based on the Elliott wave theory.
Observations:
1. After facing resistance at the central line yesterday, Nifty could break it in the final hours of trade today.
2. Nifty has also formed upswing today which can push Nifty to the next resistance level, which is at the upper band of the downward channel. But do remember that this is all happening within the downward channel. .
3. Once the...
Multiple patterns forming indicating compression
Stock may move upside to 245
A break of this would open up gates for 265
If 265 is broken 300 should come eventually
EUR INR spot 80.07, as we previously analyzed it would test 79.80, now it’s crossed that level now the range is open for exporters till 80.84 the 82.00(Max)(Levels on Aug 2014), as it’s break 79.80, would test 79.20 importers can book at that level.
Zeel is giving a Buying Opportunity above 445 when it breaks the down trendline completing the current leg of correction. I would trade it long with a stoploss around 424 and Targets around 500/510 levels. This could be a corrective price action or a new impulsive wave.. Evidence will be seen as to which form of wave is forming based on the price action and how...
