Wave Analysis
Bank Nifty : Elliott Strucutre It seems on a daily we have completed Wave 4, the internal structure of which we have tried to analyse here in 60 mins chart. We can see clear ABC structure which was Zigzag (5-3-5). On completion of Wave 4 on a daily or ABC on 60 mins chart it seems we have completed Wave 1 of the 5th on a daily. Also the current retracement is around 0.786 where we can see the double bottom type formation also. '
So looks we may bounce towards Wave (4) of current impulse.
A TUTORIAL ON FEDERAL BANKPOINT A - it took 14 days to reach the peak of 47
point B - it took 32 trading hours
Point C - it took more than 100 trading hours to take out the peak of A
This means that the whole ABC are corrective waves and sooner or later 35.5 will be breached and can go lower
conclusion - Do not invest in FEDERAL bank
Disclaimer - my view , my elliott view
Axis - Something Not Right With this MasterLabelled as per my knowledge(Definitely not labelled what i want or would like to see) . Completely for Education Perspective. Please Do not Hold/Sell/Buy based on this post. I don't believe in Traditional Elliot wave.
Nifty-50......Jay Mahakaal There is 2 possibility on the chart...and one bounce bake possible till 9040
ICICI BANKIt has activated a False Breakout Continuation Pattern. It could retrace till 360/400 (which also happen to be Ichimoku based Cloud resistance levels) provided it does not go below 305
Divis LabThe structure remains bullish as long as we are above 2220 levels. Immediate resistance is around 2420 level which if crossed we may see up ward momentum building up. Looking for 2700 levels on this.
Torrent Pharma: Symmetrical TriangleStock is showing a strong momentum. It has been taking support at its 20 EMA. A formation of a Symmetrical Triangle is seen in Wave (iv) which if broken we may see a decent rally towards 2800 levels.
Larsen & ToubroCurrent Structure is looking slight bullish. On a daily the stock is holding it 20 EMA. Strong support is seen around 800 levels. Immediate support is around 840 which if it holds and crosses 885 we can expect a decent move towards 940-970 levels.
Bharat Forge: It has been in a broader range of 302-270 so far. On the downside 270-265 is the support zone which if broken we can see accelerated selling towards 250-245. On the other hand if it sustains above 302 we may see rally towards 325-330.
SUN PHARMAIt has given a breakdown in hourly charts which suggest a retest of 440/425. View would negate if it moves above 466
Nifty Elliott Stucture We completed 5 wave rally and entered a correction. As per EW guidelines after an impulsive move the corrective structure ends in the territory of Wave 4. Here we can clearly see a sharp bounce towards 9600 from the potential support zone (Wave 4). This Relief Package High is going to be a crucial pivot for the short to medium term. As long as we remain below this high we can say bears will have upper hand.
Broadly we are stuck in range of 8900-9600. This is preferred wave count in which case we may see a rally towards 9280-9330 at least. However the higher time frames are suggesting weakness. On the other hand we have cluster of supports around 8900. So broadly we conclude that we are in a no trading zone.
Reliance Reliance now seems to be in an accumulation zone. Looking at the strength and trend wave 5 may materialize.
GOLDIt has been trading within a triangle ever since it activated a Bearish Alt Bat. Above $1735 the triangle breakout suggest $1785 which is the 2nd target of a Bullish Dragon. As per Ichimoku study, the momentum for upside has a decent probability to start tomorrow. It should be noted that triangle breakouts tend to be the last of a trend, this could turn out to be an unwinding one.
PidiliteStock is facing resistance around its 200 SMA on daily chart. It is trading below its key moving averages. Expect it to go below 1200 in a medium term. View negated if breached 1450
Just Dial : Bears are Dialling?Just Dial a weak stock is now in a ideal zone to initiate fresh short. Traders can look for shorting opportunities in the counter. Expecting it to kiss 315-305 level soon.
