I have applied the Elliott Wave Pattern. The third wave is including a contracting triangle, and the fifth wave is including an ending triangle. Hence, the State Bank of India's (SBIN) cycle of the corrective wave started after the fifth wave.
There are two scenarios if it crosses 61.8% , C will be around 205 , and if it does not crossover the retracement level...
If you are a bit risky trader, Sell Indusind Bank at cmp 616.5 (cash) Strict SL - 639.1 Target - 560
If you are a safe trader, Sell Indusind Bank below 597 Strict SL - 611.1 Target - 560/540
Explanation : Gravestone Doji on daily charts + "weak sell" but a sell on "Ichimoku Cloud"
I will go LONG on CESC because:
1) The price is forming a Chanel or Rectangle Pattern .
2) The price also broke the trend line .
3) The price is also under Support/Resistance zone.
4) It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
5) Target would be the Resistance area . Book profit when it...
2 Weekly close above big bearish engulfing indicating a big up move.
View purely on technicals, no fundamentals no news has been looked upon.
Buy Nifty (Spot) at cmp 11930 or on dips to 11780-11820 Strict SL - 11650 (Day Closing Basis), PS: if breaks this level on Thursday than sl will be considered on weekly closing basis, Target - 12600
I WILL LOOK AT BUYING OPPORTUNITIES AT OBEROIRLTY because :
It is forming a kind of expanding pattern .
It has been taking the support of the lower trend line .
Now the price is again at its support level so will be looking at buying opportunities.
Entry : 379
Target : 443
Stop loss : 368
I will go LONG on SHREECEM because:
The price is forming a Chanel or Rectangle Pattern .
The price is also under Support/Resistance zone.
It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
Target would be the Resistance area . Book profit when it reaches the resistance zone .
Entry - 21198
BEL has closed below major Daily & Weekly Support, also formed head & shoulder some time back and has broken the neck line, its little late to go for sell but it is worthy. Proper position sizing and risk management is compulsory.
I will go LONG on PFC because:
The price is taking support at trend line .
It has touched the support trend line again .
So will look at buying opportunities.
If it falls below the support trend line then short it.
Entry - 88
Target - 103
Stop loss - 83