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Jubilant Foodworks: Wave 2 Near End?After peaking at ₹796.75, Jubilant Foodworks entered a corrective A–B–C decline, completing Wave 2 near ₹575 — right at the 0.618 retracement of Wave 1. Price has since held above this key support, suggesting the corrective phase may be complete. The setup is now simple: Entry Zone: Around ₹608 (0.5 retracement) Stop-Loss / Invalidation: Below ₹575 Target: Initial confirmation above ₹796, with Wave 3 potential extending higher Momentum check: RSI correctly flagged the earlier bearish divergence between Wave 3 and Wave 5, leading to the current correction. At present, RSI sits near 43, capped by a falling trendline. A decisive breakout in RSI above 50 would provide the green light for Wave 3’s bullish acceleration. If the trendline support holds and momentum follows through, Wave 3 could push well beyond the prior peak at ₹796, opening the door to fresh highs. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:JUBLFOODLong
by WaveXplorer
5
MCX: Riding the Bullion Buzz, One Wave at a TimeBack in July, MCX reached its peak at ₹9,115 — to complete an extended wave 3 which was accompanied by RSI divergence and fading momentum. A correction was expected, and the market delivered precisely that. Price found support almost to the point — ₹7,304 , marking the completion of Wave 4 within the broader impulse. The retracement ended right at 0.5 Fibonacci level of wave 2 and wave 3, validating the initial projection. Since then, structure has shifted to a bullish 1-2, 1-2 formation, suggesting that a new impulsive advance (Wave 3 of 5) is in progress. RSI has turned sharply higher — gaining back strength and how!!! Meanwhile, the macro picture adds fuel. With gold and silver rallying relentlessly , trading volumes across the commodity space have surged — a direct tailwind for MCX’s business model. Rising activity in precious metals typically translates into higher revenue for the exchange, aligning both fundamentals and technicals toward the same bullish narrative. Key Levels Support : ₹7,304 (Wave 4 low) Resistance : ₹9,115 (ATH) Intermediate zone : ₹8,700–₹8,800 (FRVP resistance shelf) As long as price holds above ₹7,304, MCX remains positioned for a continuation toward new highs in the coming weeks. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:MCXLong
by WaveXplorer
IOC (D) - Tussling with a Critical Resistance ZoneIndian Oil Corp (IOC) is showing a strong bullish structure, but it has arrived at a critical juncture where two significant resistance levels are converging. The price action suggests a battle between buyers and sellers is underway, and a decisive move is imminent. The Bullish Foundation After a year-long downtrend that ended in February 2025, the stock has carved out a clear new uptrend , consistently forming higher highs and higher lows. This upward momentum is well-supported by multiple technical indicators: - Golden Crossover: A long-term bullish "Golden Crossover" of the Simple Moving Averages (SMAs) occurred a few months ago. - Indicator Strength: The short-term Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) are in a bullish state across the Monthly, Weekly, and Daily timeframes. The Resistance Test: A Mixed Signal The primary challenge for IOC is a confluence of two resistance trendlines: a long-term angular resistance and a short-term horizontal resistance . Today's trading session was a clear attempt to breach this zone, which resulted in a mixed signal: - Partial Success: The stock managed to close above the short-term horizontal trendline , a minor positive. - Key Rejection: However, while it did trade above the more critical long-term angular trendline intraday, it failed to hold these gains and closed below it . This failure to close above the long-term resistance, combined with consolidating (non-expanding) volume, suggests that sellers are still active and buyers currently lack the conviction to force a decisive breakout. Outlook and Key Levels The next few trading sessions are crucial and will provide clarity. - Bullish Scenario: A convincing daily close above the long-term angular trendline , especially if accompanied by an increase in volume, would confirm the breakout and signal a move towards the ₹178 level. - Bearish Scenario: Continued rejection from this trendline could lead to a pullback, with the stock likely to find support around the ₹141 level. The current price action warrants close monitoring. A breakout is clearly being attempted, but confirmation is required before a new directional trend can be established.
NSE:IOCLong
by Learn_with_Pth0mas
Sky Gold (D) - A Golden Breakout from the Downtrend?After being in a corrective downtrend since its all-time high in December 2024, Sky Gold has just executed a technically significant breakout. This move suggests that the period of selling pressure may be concluding and a new uptrend could be underway. The Breakout Signal The stock has been constrained by a descending (angular) resistance trendline that formed from its peak. Today's price action decisively broke this barrier: - Trendline Breach: The stock successfully broke out of the downtrend trendline. - Massive Volume Confirmation: The breakout occurred on the back of huge trading volume , lending strong credibility to the move. - Preceding Accumulation: Notably, trading volume has been steadily increasing over the past three days, indicating growing buyer interest leading up to the breakout. This bullish price action is well-supported by technical indicators. Across the Monthly, Weekly, and Daily timeframes, the short-term Exponential Moving Averages (EMAs) are in a positive crossover, and the Relative Strength Index (RSI) is rising, confirming a build-up in positive momentum. Outlook and Key Price Levels The primary challenge now is for the stock to sustain this newfound momentum. - Bullish Target: If the breakout holds with continued strong volume, the next logical resistance and potential target is the ₹400 level. - Key Support: If this proves to be a false breakout and the price fails to hold above the trendline, a retreat to the support level around ₹260 is possible. The immediate future is critical. Traders should now watch for follow-through buying or a successful retest of the broken trendline, which would now be expected to act as support, to confirm the validity of this breakout.
NSE:SKYGOLDLong
by Learn_with_Pth0mas
BANK OF INDIA | 1D | Premium Zone ReactionPrice has aggressively tapped into a higher timeframe premium zone after an extended bullish leg. Liquidity above June swing high has been swept clean, followed by a sharp rejection — indicating potential distribution and a short-term correction setup. 🔹 Key Notes: – Liquidity grab above previous high ✅ – Premium zone mitigation ✅ – Early signs of market structure shift ✅ – Targeting discount reprice near 116–118 zone Looking for price to retrace into the discount range before any fresh accumulation phase begins.
NSE:BANKINDIALong
by YCGH_Capital
McLeod Russel (D) - A Decade-Long Downtrend Reversal?After being in a severe downtrend for over ten years since its all-time high in February 2013, McLeod Russel is now showing compelling signs of a major trend reversal. A multi-year consolidation phase appears to have ended with a powerful, momentum-driven breakout. The Breakout: A Shift in Momentum The stock was locked in a sideways consolidation range since August 2020. However, recent price action signals a decisive shift in control from sellers to buyers: - Building Strength: Over the past few weeks, the stock began forming a pattern of Higher Lows , an early indication that selling pressure was diminishing and buyers were stepping in at higher prices. - Resistance Breach: On Friday, October 6th, the stock decisively broke out of a major, multi-year resistance level. - Explosive Follow-Through: The breakout was followed by extremely bullish action this week, with the stock gapping up at the open and immediately hitting the upper circuit limit each day. This indicates intense buying interest with a complete absence of sellers. This powerful move is confirmed by key technical indicators. The short-term Exponential Moving Averages (EMAs) are in a positive crossover, and the Relative Strength Index (RSI) is firmly in bullish territory across the Monthly, Weekly, and Daily timeframes. Outlook and Key Levels The current momentum suggests a significant new uptrend is underway. - Bullish Target: If this strong momentum continues, the next logical resistance and potential target for the stock is the ₹85 level. - Support Level: Should the momentum pause or a pullback occur, the breakout level around ₹35 is expected to act as a strong support zone. Given the rapid, vertical ascent, traders should watch the price action closely in the coming days for signs of either continuation or short-term exhaustion.
NSE:MCLEODRUSSLong
by Learn_with_Pth0mas
Indraprastha Medical (D) - Bullish Breakout or Bearish Reversal?Indraprastha Medical Co. is at a critical juncture, presenting conflicting signals that warrant close attention. While the long-term trend remains bullish, emerging patterns suggest a potential reversal. The Bullish Case: Strong Momentum The stock has been in a consistent uptrend since July 2023, followed by a period of sideways consolidation that began in October 2024. Today's session was notably strong: - New All-Time High: The stock registered a new all-time high, with the closing price being the same as the high of the day. This indicates intense buying pressure and an absence of selling at the peak. - Massive Volume: The breakout was supported by exceptionally high trading volume, adding conviction to the upward move. - Indicator Alignment: Key momentum indicators are bullish across multiple timeframes (Monthly, Weekly, and Daily). The short-term Exponential Moving Averages (EMAs) are in a positive crossover state, and the Relative Strength Index (RSI) is rising, confirming the underlying strength. If this bullish momentum is sustained and the stock decisively breaks out from the current resistance zone, the next potential target is the ₹760 level. The Bearish Counterargument: Divergence and Reversal Pattern Despite the bullish price action, there are significant warning signs: - Potential Double-Top: Today's new high has formed a potential Double-Top pattern on the Monthly, Weekly, and Daily charts. This is a classic bearish reversal pattern that can signal a market peak. - Bearish Divergence: Crucially, this pattern is accompanied by a bearish divergence in the RSI. While the price made a new high, the RSI failed to do so, suggesting that the momentum behind the rally is weakening. If the breakout fails and this bearish pattern plays out, the stock could see a significant correction, with a potential downside support level at ₹385 . Conclusion and Outlook The current technical landscape is ambiguous. We have a powerful breakout candle on high volume conflicting with a classic bearish reversal pattern and weakening momentum. The immediate price action in the upcoming days is critical. Traders should wait for confirmation . A sustained move above today's high would validate the bullish case, while a failure to hold these levels and a subsequent breakdown would give credence to the bearish scenario.
NSE:INDRAMEDCO
by Learn_with_Pth0mas
Sammaan Cap (W) - Poised for a Potential BreakoutAfter a prolonged downtrend that began in August 2018, Sammaan Capital transitioned into a sideways consolidation phase starting in March 2020. Recently, the stock has shown significant bullish intent. Last week, it surged by +19.74% , accompanied by an exceptionally high volume spike of 462.74 million shares . This powerful move brought the price to the brink of breaking out from a key short-term resistance trendline. Several technical indicators support a bullish outlook: - Moving Averages: The short-term Exponential Moving Averages (EMAs) are in a state of positive crossover on both the monthly and weekly timeframes. - Momentum: The Relative Strength Index (RSI) has also registered a positive crossover on both timeframes, signaling strong upward momentum. - Volume: A steady increase in average volume suggests growing buyer interest. Future Outlook: The stock's direction hinges on its ability to overcome the immediate resistance. - Bullish Scenario: If the current momentum is sustained and the stock achieves a decisive breakout with strong volume, the next potential target is the 205 level. - Bearish Scenario: Conversely, a failure to breach this resistance could lead to a loss of momentum, potentially pulling the price back towards the 112 support level. The price action in the coming week will be crucial in confirming the stock's next directional move.
NSE:SAMMAANCAPLong
by Learn_with_Pth0mas
Kalyan Jewellers: Wave Y Still at Play?Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions. Bigger Picture Kalyan Jewellers topped near 795.40 and has been in a prolonged corrective phase. The structure since then is not impulsive but rather corrective — pointing toward a Double Combo (W–X–Y) correction. Wave Structure Breakdown Wave W: A clean zigzag down into 399.40 , completing the first corrective leg. Wave X: Extended choppy consolidation into 616.00 , best interpreted as a connector. Wave Y: Currently unfolding as an A–B–C decline . If the pattern holds, another leg lower could complete the structure. Technical Confluence Support Zone: 399.40 remains a major demand area , historically respected by price. If retested, it could become the potential accumulation zone . Projected Trendline Resistance: The descending line from 795.40 to 616.00 may evolve into a key resistance barrier on the next test. RSI: Recent bounce came from oversold territory — a technical relief rally, not yet a trend change . Alternate Possibility If the 442.25 low already marked the end of Wave Y, the current rally could evolve into the start of a new impulsive sequence . Confirmation requires RSI strength above midline (50) and sustained closes beyond the projected descending trendline. Takeaway Kalyan Jewellers is most likely unfolding a Double Combo correction (W–X–Y) with Wave Y still in progress. Traders should watch the 399.40 demand zone as a decisive level. Holding it could set up the next bullish cycle, while a breakdown risks a deeper correction toward 336.05.
NSE:KALYANKJILShort
by WaveXplorer
ICICI Bank – Relief Rally into ResistanceAfter topping at ₹1500 , ICICI Bank has corrected over 10% into late September, carving out a clear W–X–Y corrective structure. The recent bounce from oversold RSI levels was expected, but price is now heading straight into the crucial resistance band near ₹1384 . A bearish reaction here would validate the ongoing correction, opening the path toward the next support / Wave (c) target at ~₹1317 . However, any sustained move above ₹1432.80 would invalidate the bearish view and suggest a different structure in play. Overall, the setup currently favors caution on rallies, with focus on whether sellers defend the resistance band. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:ICICIBANKShort
by WaveXplorer
Nifty Metal Index – Fifth Wave Progression Within ChannelChart Structure: The Nifty Metal Index continues to respect its rising channel, now advancing in Wave 5 after a clean contracting triangle in Wave 4. The impulse structure remains intact, with price steadily hugging the channel’s midline and now stretching toward the upper half. Elliott Wave View: Wave 1 topped near 8,833.75, after a strong rally from 7,690.20. Wave 2 retraced into 8,256.20, holding close to the 0.382 retracement of Wave 1. Wave 3 extended sharply to 9,581.80. Wave 4 unfolded as a clean contracting triangle (a–b–c–d–e), ending at 9,132.20. Wave 5 is currently progressing within the channel, with price advancing to 10,275.75, towards the 1.0x Fib extension level of Wave 1 projected from Wave 2. Momentum Check: RSI has confirmed the latest higher high, keeping momentum aligned with price. The key to watch now: If price makes another higher high but RSI fails to do so, that’s when bearish divergence would emerge. Summary: The index maintains a constructive Elliott Wave structure, but we are in late-wave territory. The channel provides a natural guide — holding the midline favors further upside, while a sustained breach of the lower channel would warn that Wave 5 has matured. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:CNXMETALShort
by WaveXplorer
ITC Limited Weekly Chart – Wave Y Targets Support ClusterITC has been trending lower since the ₹498.85 peak, carving out what appears to be a complex W-X-Y correction. The first leg (W) found support near ₹391.20, followed by a corrective bounce into X at ₹444.20. The decline since then has kept price under a descending trendline, respecting the larger corrective rhythm. Wave Count Wave W: Completed into the ₹391.20 low. Wave X: Counter-trend rally capped at 444.20. Wave Y: Now unfolding, with sub-wave (C) still incomplete. The broader structure hints that ITC may continue toward the support cluster (₹350–375) before this correction runs its course. Indicators Volume : Muted on upticks – rallies lack buying strength. RSI (~44) : Mid-zone, leaving space for further downside before oversold conditions. Weekly 50/100 MA crossover : Adds weight to the ongoing corrective bias. Invalidation A decisive break above ₹422.45 and sustained strength beyond 427 would question this bearish view, hinting at a possible shift back to bullish sequences. Summary Unless ITC reclaims higher ground above 422.45, the bias stays toward a Wave Y completion in the support cluster zone. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:ITCShort
by WaveXplorer
8
BASF India – 53% Correction Nearing Wave 5 SupportBASF India, a leading chemicals producer, has witnessed a sharp correction from its euphoric highs of ₹8,750. In just a few months, the stock retraced nearly 53%, wiping out more than half its gains. Wave count From the ATH, price unfolded into a 5-wave impulse decline, bottoming near ₹4,065. This completed the Wave A of the zigzag. The subsequent recovery to ₹5,424 shaped up as a clear A-B-C corrective rally. Since then, the stock has been carving out another 5-wave decline, now progressing towards its final leg (Wave 5 and eventually Wave C of the zigzag). The support zone around ₹4,000 remains crucial — a likely area for Wave 5 to bottom. Momentum Check RSI sits near 43, showing weakness. No strong bullish divergence yet, which hints at the possibility of one last dip before a reversal attempt. Outlook If Wave 5 completes around the ₹4,000 zone, this could complete the ABC zigzag and BASF India could set the stage for a larger rebound sequence into 2026. If price breaks below 4000 convincingly and continues the downtrend, then we are in for a further deep correction. ⚠️ Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:BASFShort
by WaveXplorer
Trent Ltd – Double Zigzag Correction in PlayAfter topping out at ₹8,345, Trent has been locked in a larger corrective structure that now appears to be unfolding as a W–X–Y double zigzag on the weekly chart. Wave Count Wave W bottomed at ₹4,715 as a clear ABC. The rally to ₹6,261 completed Wave X. Price is now progressing in Wave Y, where: Wave A has unfolded, Wave B topped at ₹5,674, Wave C is expected to continue lower. Key Levels Target 1 (1.0 extension): ₹4,370 Target 2 (1.618 extension): ₹3,565 Stop-loss / Invalidation: Trading level: ₹5,674 (Wave B high) Structural level: ₹6,261 (Wave X high) RSI Check RSI remains below 50, confirming bearish momentum. Conclusion The correction appears incomplete with scope for another leg down before a larger recovery can begin. While the working invalidation sits at ₹5,674, structurally the bearish count holds until ₹6,261 is broken. Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
NSE:TRENTShort
by WaveXplorer
Shyam Metalics & Energy Crossing Key Levels.NSE:SHYAMMETL today gave almost a 9% Move Closing above key levels and making new Swing Highs on the back of the News of Business update of Jan Month. JANUARY STAINLESS STEEL SALES VOLUMES UP 59% YOY JANUARY SPONGE IRON SALES VOLUMES UP 1% YOY About: NSE:SHYAMMETL is primarily engaged in manufacturing steel and allied products including pellets, sponge iron, TMT and long products, ferroalloys and power generation. Trade Setup: It could be a Good 1:1 Positional Trade as it made a Good Base near July Month Breakout Levels with RSI and MACD Trending Upwards and Closing Above all Major Moving Averages. Buy on DIps Will be a better approach Target(Take Profit): Around 975 or ATH Levels for Positional Trader Stop Loss: Recent Base Will Act as a Support so keep it as Stop Loss. Swing Trader Can Keep Entry Candle Low as Stop Loss. 📌Thank you for exploring my idea! I hope you found it valuable. 🙏FLLOW for more 👍BOOST if useful ✍️COMMENT Below your views. Meanwhile, check out my other stock ideas on the right side until this trade is activated. I would love your feedback. Disclaimer: "I am not SEBI REGISTERED RESEARCH ANALYST AND INVESTMENT ADVISER." This analysis is intended solely for informational and educational purposes only and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.
NSE:SHYAMMETLLong
by Karanshah137
GMDC - Chart of The Week, Testing Trendline, Change of PolarityNSE:GMDCLTD has a beautiful structure on the Weekly Timeframe to qualify for my Chart of the Week idea. It saw Decent Above-Average Volumes and confirmed a Change of Polarity and is Now Testing the Falling Trendline with RSI and MACD trending upwards. About: NSE:GMDCLTD is primarily engaged in 2 sectors, i.e. mining and power. Its projects include Lignite, Bauxite, Fluorspar, Multi-Metal, Manganese, Power, Wind and Solar. Trade Setup: It could be a good Swing Trade if it breaks the trendline and the Change of Polarity is Still Intact. If the Trade gets activated after breaking the trendline, then keep this Week's Low as the Stop Loss or Even Take RSI and MACD as a Stop Loss Signal. 📌Thank you for exploring my idea! I hope you found it valuable. 🙏FLLOW for more 👍BOOST if useful ✍️COMMENT below with your views. Meanwhile, check out my other stock ideas on the right side until this trade is activated. I would love your feedback. Disclaimer: "I am not SEBI REGISTERED RESEARCH ANALYST AND INVESTMENT ADVISER." This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.
NSE:GMDCLTDLong
by Karanshah137