Friday, October 25, 2013

>Reliance Industries Technical Analysis (Elliottwave analysis)

Hi friends,
                   Reliance industries has been trading in a range for last several months ,This contraction should give way to a smooth one way move ,Above 930 stock can give 100 points move in a short span of time ,Otherwise the contraction continues .
Keep track on this super heavy weight this should show nifty move for coming months.

Thursday, October 24, 2013

>Nifty elliottwave analysis

Hi friends,
                   Writing after a long gap. Hows market treating you ,Must be good i assume with all time high at a striking distance.
Well in my study i had anticipated a rally from 5100 max till 5950+-50 ,Which nifty overshot handsomely.
At present so many ifs and buts in the picture many counts look active ,So i thought let me share few scenarios which i think we have at present and let market

decide ultimately which way it moves:).

The above 2 charts show mega bull and mega bear case .Mega bull case its 3rd wave on from 5100
but looking at the different sectors it looks differently all are not in sync aloso no volumes to support 3rd wave case  which gives hint it may not be 3rd wave afterall.
Mega bear case considers it a broadening ending with E wave on after which we breakdown .

One thing which am getting confident is we cant have a rally without a consolidation

Lets try to analyse the rally from 5100

Lets see over the next one week how nifty shapes up which would give us further clues about whats in store for us.