CNXCONSUMPTION trade ideas
End of Impulse:Time for Wave 2 correction of higher degreeCNX CONSUMPTION has been out performing broader markets on the back of impulsive move that price has shown.
Following are the reasons for considering current rise an "Impulse"
1)Wave 2 has not retraced more then 61.8% wave A
2)Wave 2 has taken equal time as wave 1 took to form
3)No part of wave 3 has touched 0-2 trendline while its advance.(not shown here)
3)Wave 3 has extented 161.8% wave 1
4)Wave 4 has not entered wave 2 zone and it also took same time as wave 3 took to form
5)No part of wave 5 has touched 2-4 trendline.
6)Wave 5 has achieved it's equality target of wave 1.
Reason for expecting end of wave 5,along with 5 wave wave impulsive move.
1)Wave 5 has achieved it's wave 1 equality target.
2)2-4 trendline has been breached in less time then wave 5 took to form.
3)On candle-stick front we have made a clear pivot high in yesterdays trading session.
One can go short at CMP of 7325 with the stop-loss of 7460 for a target of 7070 and 6960.
Even though this index is not tradeble i have mentioned trade just to clear the analysis mentioned above,one can identify stocks from this sector with similar price behaviour and take trade accordingly.
Disclaimer:This are jsut my views on the index,no trades should be taken solely on its basis. Posting this for my future reference.
Nifty Consumption Index Technical AnalysisIf this index H & S breakout happen and sustain above neck line we show a big move in this below stock. watch below stock after index breakout.
Nifty Consumption INDEX
Alkem Laboratories Ltd.
Apollo Hospitals Enterprise Ltd.
Asian Paints Ltd.
Avenue Supermarts Ltd.
Bajaj Auto Ltd.
Berger Paints India Ltd.
Bharti Airtel Ltd.
Britannia Industries Ltd.
Colgate Palmolive (India) Ltd.
Crompton Greaves Consumer Electricals Ltd.
Dabur India Ltd.
Godrej Consumer Products Ltd.
Havells India Ltd.
Hero MotoCorp Ltd.
Hindustan Unilever Ltd.
ITC Ltd.
InterGlobe Aviation Ltd.
Jubilant Foodworks Ltd.
Mahindra & Mahindra Ltd.
Marico Ltd.
Maruti Suzuki India Ltd.
Nestle India Ltd.
Page Industries Ltd.
Tata Consumer Products Ltd.
Titan Company Ltd.
Trent Ltd.
United Breweries Ltd.
United Spirits Ltd.
Voltas Ltd.
Zee Entertainment Enterprises Ltd.
CNX Consumption looks good in short termStocks like Voltas, Havells, Marico, Bharti Airtel, Nestle, UBL, Asian Paints, ITC, Dabur, Titan United Spirits, Zeel, HUL, Colpal, Apollo Hospital etc are part of CNX Consumtion. CNX Consumption can give 5% upmove.
Views are for educational purpose only.
Please do your own research before entering any stock.
Nifty India Consumption IndexNifty India Consumption had witnessed a 50% reversal from a Bearish AB=CD. Post which it is now getting very close to a Bearish Harmonic Alt Shark near 5240, the outer limit of this pattern tallies with the outer limit of the previous bearish pattern at 5270. If this pattern works out as expected then this last leg of rally could see some profit booking and retest of 5100-5000
