NIRAJ : Catch the Wave C Surge!🚀 NIRAJ CEMENT STRUCT LTD (NSE: NIRAJ) - Elliott Wave Technical Analysis
🌀 Elliott Wave Structure
The chart shows a classic A-B-C corrective pattern :
Wave A : Sharp drop, bottoming near 49.42 (113% ext) & 46.64 (127% ext).
Wave B : Strong rally, peaking at the Decision Point zone ( 67.85–70.93 ).
Wave C : Recent consolidation, price currently at 52.39 .
🔑 Key Levels to Watch
Major Support :
🟢 48.75 (78.6% retracement) — Critical stop loss zone!
Decision Point :
🟩 49.42–46.64 — Previous reversal area.
Intermediate Resistance :
🟡 56.44 (50% retracement) — First hurdle for bulls.
Wave C Target Zone :
🎯 74–77 — Projected completion for the next impulsive move!
📈 Trade Setup
Entry :
🔔 Above 52.50 or on breakout above 56.44 for confirmation.
Stop Loss :
🛑 Daily close below 48.75 ( protect your capital! )
Targets :
1️⃣ 56.44 (intermediate)
2️⃣ 74–77 (Wave C completion zone)
🧐 What to Watch For
Bullish Scenario :
If price holds above 48.75 and breaks 56.44 , expect a strong rally toward 74–77 ! 🚀
Bearish Scenario :
A daily close below 48.75 invalidates the bullish setup. ⚠️
📊 Summary Table
Parameter Level/Zone Comment
Entry >52.50 or >56.44 On breakout/confirmation
Stop Loss <48.75 (Daily Close) Below major support
Target 1 56.44 Intermediate resistance
Target 2 74–77 Wave C completion zone
Invalidation <48.75 Reassess if price closes below this
📝 Final Thoughts
Bias : Bullish above 48.75 with targets at 56.44 and 74–77 .
Risk Management : Use a daily close below 48.75 as a strict stop loss. 🛡️
Confirmation : Look for a breakout above 56.44 with strong volume for extra conviction! 📈
Trade safe, manage your risk, and let the waves guide you! 🌊
Long
