XX- factor returns back now in Hindalco -first in Infosys- who all remember "The X-factor@1040 in Infosys"- don't re-collect- head into my analysis treasury.
Hindalco is doing sideways & if we try to become smart it will never forgive us as we should never forget to obey traffic rules- only when you get a red light -it is always safe to cross the road else jumping...
In Weekly Chart (Shown here) Point B = 0.788 XA .
Point C = 0.762 AB & so on....
In Daily Chart same Happened.
Can See By Changing the Interval to 1D.
Also Many of the Lead indicators & Oscillators Shows -VE Divergence.
We can expect targets of 292, 299 & 305.5 with SL 264.5.
Also going by the thumb rule that all gaps will eventually get filled, we need to see if it will fill the huge gap down from end of March as well.
We will try to search for all possible reason of buying in the zone 180-183 - Strict 179 stoploss which is X-Factor- Careful X factor breach on downside can take pattern deep in red & invalidates the structure.
Risk Reward of 4.35 if Hindalco holds in the zone 180-183 without going below 179- critical level.
Nifty could well be on the cusp of sharp movement either side considering the two patterns forming and a fundamental event- Budget 2017.
Bearish Gartley would see Nifty move towards 8500-8550 range and reverse towards 8300-8200.
Another pattern forming is the Double Pattern. It will be confirmed if a breakout is seen above 8550 which would see it run towards...
