Monday, March 31, 2014


Hi friends,
                   Tomorrow being RBI Policy day all eyes would be on banknifty
35% stake holder in nifty so what ever happen in banknifty it largely affects
nifty as well.
This march month banknifty rose 18%+.Lets see technically what banknifty
looks like right now.
Let me put the wave count chart .
The chart is well labeled
We saw a top in end 2010
followed bt a retest in early
2013,And now almost near
that top .
Now right now we have a
moderate bullish count
and a severe bullish count
active here we could be
forming a triangle which
suggests we dont cross the

high ,we may retest and correct down and break resistance later sometime
The big bull case says we did a leading diagonal from the start of 2012 and ended
at double top in mid 2013 so we could have done 1 or a wave leading diagonal
then we had a severe correction retracing 80% of the rally and now again we are
up and almost knocking the double top resistance.Lets see how banknifty moves
after policy .


UNITECH wave Targets

Hi friends,
                   Unitech is one of the most beaten stocks in Real estate sector .
On weekly chart the stock has started to move up above an important
trendline support
Lets see the chart.
The chaet is self explantory
A nice squeeze has developed
over many years ,This should
target minimum 26 ie the upper
resistance trendline in any of the
2 cases have labeled in chart.
This stock went below yellow
trendline for sometime but
eventually reversed and closed
above that strongly.

Lets see the last leg structure to get a closer look
We can see from the chart
the stock has reversed on good
volumes after 5 down so a nice
upmove is expected in it.This
view holds as long as the stock
holds above 11 ,This can be
bought in dips for a target of 18
20 and eventually 26.


Nifty wave counts 31st march

Hi friends,
                     Nifty continues its upward movement
on friday it has done 3=(1.6)*1 ,Which suggests we are in resistance zone
and can have a breather here in range 6700-6720.If it stretches we can calculate
it later ,Below 6640 it would confirm 3 rd wave or c wave is finished.
lets see the chart.
Nifty wave counts 31st march
So continue to hold
longs till 6640 is held
Overall nifty is either
in 3rd wave or c wave
in these waves the
index or stock moves
even in extreme oversold
or overbought conditions
we see exteme greed and
fear in these waves only.

Lets see how nifty moves today .


Saturday, March 29, 2014

Why Learn Elliottwave (Maharastra bank)

Hi friends,
                    Weekends usually demand a descriptive knowledgeable post,Continueing
with my Heading Why learn Elliottwave ,Would share an example how a big move
can be captured using Wave principle .
Now time has changed any news or calamity which happens in any part of the world
reaches to you in minutes ,And if its directly or indirectly related to a stock it affects
its price spontaneously,Unlike old days when things usually took more than a day.
My point in saying this was to show how the scenario has changed and envirnment
has changed and it requires a trader to adapt to the changing situations along with
changing market cycles.
A trader has to adapt to the changing time ,Market is evolving continuously so to have
edge over other traders one need to be well equipped and ahead of others.
Today i am giving an example of how a big move can be captured
Let me put the chart of Maharastra bank.
Why Learn Elliottwave (Maharastra bank)
I have labeled chart extensively
So that one can figure out
what the stock is doing.
We had a time consuming
abc done over 3 years ,
The interesting thing is
A=C (yellow ),Even the
abc of bigger B wave ie in
white colour also shows
a=c.The bigger ABC
we can easily see 5 waves in

C wave which gives the confidence that the wave is nearing end,Still to be on safer side
we should have a trendline drawn from 2nd top to 4th top and once that trendline gets broken
we can be sure of that a new wave has started.The new wave which has started should target
55,Once thats come we can figure out next target.This stock has already done 20% move
after breakout which is a great move to capture.
This is just one example of trade setup elliottwave principle helps us to find with defined
risk reward.

Friday, March 28, 2014

Nifty reaches 6700

Hi friends,
                   Nifty continued its upward journey,Slowly steadily.
Someone who shorted this market because its over bought must be wondering
what went wrong.
Usually in extreme over bought conditions a 3rd wave or c wave move
can continue.Lets look at the nifty chart structure.
Nifty reaches 6700
From the chart we can see
on lower time frame
the 3rd has done 1.6*(1)
so we have touched  an important
level .Monday we can have
volatility ie 3rd or c wave top
and we can have 4th or d wave
fall i don't expect big fall ,It can
be fast timewise as 2 took lot of time .

Lets see what nifty does on monday accordingly we can place overselves.Overall no shorting
yet we are yet to see any weakness.


Thursday, March 27, 2014

USDINR The bulls would be back soon

Hi friends,
                  USDINR had a steep rise last year may onwards after breaking out
from triangle,It did 54-68 in matter of 4 months ,September 2013 USDINR topped and its
been correcting that rise , Recently USDINR broke a important support of (60.70-60.50)
The next logical support comes at 58,57 and lastly 56.
Lets look at the bigger picture ,Let me put up monthly chart .
USDINR The bulls would be back soon
 The chart is well labled
,I am taking the current
fall as d wave fall which
can ideally target 58,57.
Thats when the USDINR
can revese back to do its
e wave up ,An interesting
observation C=1.61(A).
My expectation according
to wave principle would be

to see USDINR back to 69-70 levels in E wave up,What fundamental change can ignite
this rally is yet to be seen ,Lets see where d wave ends and we can figure out targets of
e up.


Wednesday, March 26, 2014

Nifty march expiry

Hi friends,
                     I had posted Nifty chart yesterday expecting nifty to
rise towards 6620 in next 2 days but nifty  rallied and tested that
level today itself.
Lets see the present structure now.
Nifty march expiry
For tomorrow nifty
can either do nothing
at all and come back to
6600-6620 or it can
target 6640-6660
according to the move
if nifty holds 6560
expiry should be
bullish either 6620
or 6650-60

Below 6560 nifty gets weak .
Lets see how nifty moves tomorrow and see where it gets expired for the month
of march.


Gail Wave Analysis

Hi friends,
                  Looking at Gail chart ,The stock looks to be in e leg
Lets look at the daily chart to see bigger picture.
Gail Wave Analysis
From the chart we can
see that how the waves
are unfolding.
We had a fast dump in d
leg made a low at 347.
And from there we have new
leg rise ie  e leg rise.
This stock has potential
to do 400+.

Lets see the hourly chart to see the e leg structure closely.
Gail Wave Analysis
We have a abc correction
near trendline resistance
those green dotted lines
show support of abc correction

once abc correction over the stock
should target 400+.
Buy in dips as long as 360 holds
400+ is coming.

Lets see how stock does in coming days

Tuesday, March 25, 2014

Nifty wave counts

Hi friends,
                    Nifty has entered expiry week moves have become stock specific
Nifty is able to adjust to a 3% fall of Reliance well :)
Indeed expiry week has come.
Lets see the chart
Nifty wave counts
Looking at present structure
i think we are targetting 6620+
in next 2 days ,The structure is
messy and nifty has almost
done nothing today after
initial rise.The pattern
made in chart works as long as
we maintain 6570 level ,If
we brech that will have to
adjust the count.

Lets see how nifty moves


Monday, March 24, 2014

Banknifty rallies

Hi friends,
                    In my last post on Banknifty ,I had mentioned about this rally which
we saw today.
Now since the minimum target i expected is done ,Traling should be done
with 12300 spot price.
Lets look at the present picture.
Banknifty rallies
Now till 12300 holds
things look good but below
12300 we can have a c wave
correction.My overall count
suggests an expanded flat
correction we saw 3 wave A
3wave B now a 5 wave C is
expected if we go close below
12300.So have this scenario
in mind when you trade

Lets see how banknifty behaves in coming sessions.


Sunday, March 23, 2014

Why learn Elliottwave

Hi friends,
                    I have been using Elliottwave principle to formulate my trade ideas now for
almost 7 years,All this while i have come across many traders and investors who use different
techniques and methors to fulfill their trade requirements.
For some elliottwave is like a jigsaw puzzle ,It may not be because they tried to learn it,
But mostly because some one told them its a tedious tool and it would confuse alot.
And then you see few who use wave principle with perfection which helps them in
forecasting the future price of the said script ,They almost figure out what the stock would
do in near future or even in medium term and long term.

I always come across traders who complain ,They not able to count waves or rather not able
to figure out from where to start counting waves.
Friends we have 1000,s of scripts which are traded ,We need to find just few of them which
fulfill your set of conditions according to wave principle (Everyone has his or her fav trading
pattern or count)  ,Its indeed hardwork ,But then there is no short cut to success.
The more the number of stocks one go through the more confidence and experience one gets
in wave counting.Eventually one reaches to such level where just a glance at the chart helps
you in figuring out what stock would do in near future.

I had put  a detailed post on Trading Elliott wave long time back hope it helped many to grasp
the basic wave principle 
This blog of mine its a testimonial how elliottwave helps in trading ,I have posted countless
trade ideas which i developed using wave principle.
In past i  received  many queries regarding  learning wave principle ,They say a push in the right
direction is must before plunging deep into it.

Lastly do contact me if you genuinely want to get hold of wave principle
You can mail me at Rishrich at gmail dot com 

Saturday, March 22, 2014

Suntv triangle move

Hi Friends,
                    Looking at Suntv structure.
On daily chart suntv has made consicutive abc's which makes the case of
a triangle .Lets look at the chart .
Suntv triangle move
From the chart we can see
the present move looks like
finished a of abc and right now
expecting b wave correction in it
and then a rally towards 420 levels
Ideal trade would be to long the stock once b wave finishes ,Trading
b wave won't be easy ,Better wait
for b wave ending to trade for c wave long.

Lets see how stock performs in next few days ,Accordingly a long can be initiated once
b ends.


Friday, March 21, 2014

Nifty contiues to squeeze

Hi friends,
                  Nothing much has changed from my old post on nifty
The nifty continues to move in small range ,A slow time consuming move.
Lets look at the chart.
Nifty contiues to squeeze
From the chart we can see
the price range of nifty has
reduced alot so a move
is expected soon either side.
For upside a move above 6525
would confirm strength and
a move below 6470 would
confirm weakness,Even though
nifty is in small range midcaps
continue to outperform.

Lets see how nifty performs


Thursday, March 20, 2014

Bank nifty consolidation or distribution?

Hi friends,
                   Bank nifty is resting after a sharp spurt.
Lets look at the structure its making right now.
Bank nifty consolidation or distribution?
As of now i see we have
finished an abc and now
in process of making
another abc .
The c of second abc
can finish either at
12000 or 11950.
From there i expect
rise towards 12350.
Let bank nifty do

this and would look for further structure development ,This structure is valid till we
hold 11860 ,Lets see how banknifty moves in next few days.


Nifty 20th march

Hi friends,
                    Nifty moving in small range
Intraday weakness below 6500.Look at the chart below.
The rise from 18th low look corrective ,So to show intraday strength nifty
has to maintaine 6500.


Wednesday, March 19, 2014

Jindalsteel elliottwave analysis

Hi friends,
                     Looking at Jindal steel chart ,The fall from the top in december 2013
early till low of february 14th 2014.
Lets look at the chart.
Jindalsteel elliottwave analysis
The total fall from
december to february
has taken the shape of
abc.Then the rise took
the shape of abcde
right now we are in e
wave and it has potential
to touch 270 and after that
i expect some correction
in it.

Be watchfull near 270 lev el for this stock we can have a nice correction from there
to levels of 250 it can take shape of a simple abc correction.
Lets see how this stock performs in coming days.

Nifty intraday 19th march

Hi friends,
                   Nifty after yesterdays intraday fall is rising slowly
in a time consuming pattern.
Lets look at the chart .
Nifty intraday 19th march
From the look its making
abcde now if
nifty holds 6505 we should
target 6550 first
to finish abcde.
overall a time consuming move
which suggests nifty passing
Bg pictire remains same
weakness only below 6480.

Trail longs with that.


Tuesday, March 18, 2014

Nifty Falls after new high

Hi friends,
                  Nifty today fell after making intraday high
See what was my expectation Nifty 18th march .
Lets look at the chart now.
Nifty Falls after new high
 Now according to the structure
tomorrow if we
hold 6480 we should continue
to go up.If we breach 6480 we
need to be carefull,Since
we did a new high
today the wave could have finished too.Tommorrow move is
important for further
interpretation of nifty move


Nifty structure 18th march

Hi friends,
                   Had mentioned in Nifty 14th march about the fall supports
and levels of reversal ,Nifty went to said support zone ie 6430 and reversed.
Lets look at present structure.
Nifty structure 18th march
Overall we saw
a nice abc zigzag
correction and
reversed up,Now
nifty has potential
to test 6600,6650
and in good case even
6700+ in  good case.
Todays support lies at
6480 levels.

6700+ level coincides with rising trendline resistance.

Sunday, March 16, 2014

Reliance Industries near breakout

Hi friends,
                  I had posted Reliance Industries Analysis few times this stock has been
in triangular move for 1 year now and the stock is still consolidating in the triangle
Look what was my expectation in it when last time i posted Reliance Analysis .
Lets look at the present Chart Structure.
Reliance Industries near breakout
In the last post
my expectation was
c of E fall and we
indeed saw a c fall
towards sub 800
levels and consolidated
there for some time
before forcing its way
Now again nifty is near

Trendline resistance ,Reliance has resisted to 920 odd levels twice and the probality of
breaching this is high as we would be testing it for 3rd time.
After breakout the potential of Reliance is to touch levels of 1050-1060 .
Lets look the  structure of rise from 793 .
Reliance Industries near breakout
This went too fast
This was biggest
rise in reliance for
last 1 year.
The internal structure
of rise suggests impulse
in making we have done
123 and in 4th probably
a triangle in making.
Look for a brea of upper
trendline for a target of

920 atleast.Keep this stock on radar because if Nifty has to rise further it would be speaheaded
by Reliance.

Friday, March 14, 2014

Nifty structure 14th march

Hi friends,
                    Yesterday Nifty did exactly the way it was expected to do.
We rose intraday and had a late fall in closing
We did perfect abc and fell down lets see the structure now
Nifty structure 14th march
The chart shows the probable targets for C wave ,My expectation is we should
target 6430-6400 levels and hold that if we stretch then we have to see

Thursday, March 13, 2014

Nifty structure 13th march

Hi friends,
                    Nifty continued with its sideways move ,
It can still be sideways today too .
Lets look at the chart.
Above the yellow line the upmove would continue else the blue line move can happen
ie the sideways move can continue.

Wednesday, March 12, 2014

Nifty Intra day 12th march

Nifty continues to fall slowly as it was expected in nifty post.
A slanting parallel channel is forming.
This consolidation would take some time ,Let it consolidate and trade the break of
channel.Overall the nifty is resting after sudden few days spurt.


Nifty Structure march 12th

Hi friends,
                   Nifty yesterday made a small wedge in lower time frame
as had expected it Nifty wedge.
Now till 6550 is not taken out we can expect a small drop till 6450-6400
Lets look at the chart.
Nifty Structure march 12th
If this move comes
I would con sider this
as 4th wave if the fall
continues i would have
to relook at the count.
Lets see how nifty
moves in next few days.

Overall till 6400 is held a serious dent in nifty is not expected but stockwise
lot is happening be stock specific.


Tuesday, March 11, 2014

Nifty chart 11th march

Hi friends,
                   The nifty was pretty much sideways  yesterday ,Looking at yesterdays
structure its kind of wedge,As long as 6500 holds we can see the upmove continues
and hit 6600+.
Nifty chart 11th march
Where as the upmove
gets weak for short
term below 6500
and we can target
6400 below 6500.
Overall midcaps
continues to perform
.Largecaps in nifty are
like playing musical chair
few fall and few hold
which holds nifty

Like currently oil and gas along with banking holding and IT and pharma correcting.
Tricky market .


Monday, March 10, 2014

Nifty 10th march

Hi friends,
                     Nifty is well above the last previous tops and looks unlikely to fall back
anytime soon a small consolidation in range and rise back would be ideal case
Till 6340 is held don't expect any big cuts ,Dips would be a buy opportunity as long
as 6340b holds in next few days would get more clue about the next wave structure
and would count the lower time frame waves then.
Nifty 10th march
Sectorwise concentrate on oiland gas and realty sector.


Sunday, March 09, 2014

Trading charts we discussed in recent past

Hi friends,
                  Lets see some of the stocks we discussed in recent past .
Lets see how they performed .
LARSON & TUBRO This stock was expected to rise till 1080 and then fall off
a bit but this stock kept rising ,It didnot perform the way i expected.

IDFC This stock was expected to rise once triangle squeeze was over it was in e leg
it fell towards lower trendline and rose to do 106 .It did exactly the way i expected .

HDFC BANK This stock was expected to be little sideways and then rise towards
700-720.This spent less time doing sideways and it touched 700-710 ,It did the
way I expected it to do.

HINDALCO This stock was expected to rise towards 115 .This rose fast enough towards
115 and even crossed it and now trading at 124+,It did what i expected though it went quite

RELIANCE COMMUNICATION This stock was expected to rise towards 115 and even
to 120 .This did 120 as I expected.

So overall stocks did very good in last weeks rally.


Friday, March 07, 2014

Nifty all time high

Hi friends,
                  In my last post i had mentioned about the impulsive move in NIFTY.
The impulse made sure nifty went on and breached the slanting trendline
and even scaled a new high.
Lets look at the chart structure.
Nifty all time high
From the chart its seen the nifty
has breached passed trendline
The red counts suggest modest
rise in coming weeks.The green
count shows a much bullish
picture which assumes nifty
has started a wave 3 rally.
As of now in any case we should
target 6600-6720.
Inbetween any correction would
be bought into.

This the bigger picture.For short term picture keep stoploss for longs at trendline breakout
ie 6300 for any buy in dips.

Thursday, March 06, 2014

Tataglobal Trade Strategy

Hi friends,
                  Lets look at Tataglobal this stock witnessed a time consuming
zigzag correction and now look like have made a short term base.
Lets look at the chart .
Tataglobal Trade Strategy
The chart shows a clear
WXY correction is finished
and we did another abc
correction and now looks
set for a rally.This abc
correction almost retraced
78.6% of wxy rise ie 132
so now as long as 132 holds this
stock has potential to scale
155 atleast and above that we
can see later.

So ideal trade would be to buy in dips stoploss at 132 for target of 155 ,Once 155
is taken out we can see much bigger rally we would see that later.

Raymonds Trade setup

Hi friends,
                    Raymond suggests a nice trade setup,The fall was a nice
consolidated abc structure.
Lets see the chart.
Raymonds Trade setup
From the chart we can see that
the stock had a sharp fall from
315 to 255 and after that
it retraced 61.8% of the fall
and again consolidated and now
again ready to rise back after
making a nice consolidated
abc right now resisting at the
breakout trendline,Once it
breaks out it can shoot towards

Lets see the stock how it performs,This trade setup fails if stock goes below 265.


Wednesday, March 05, 2014

Tatasteel Trade setup

Hi friends,
                   Looking at Tatasteel chart ,The stock has a potential for a big move
Lets see the chart to figure out its waves.
Tatasteel Trade setup
From the high of 435
january 2014 we saw
a abc correction till 336.
And then we had a impulse
towards 393 finishing a wave
and then it did again a abc
correction where b turned
out to be a triangle as
shown in the chart with
white lables.

Now from the low of 340 the stock has again started a upmove which would gain
strength above 359 and would have potential to scale up to 395-400.
So we have a long trade here with stoploss at 340 for a target of 395 once it trades
above 359.


Reliance communication trade strategy

Hi friends,
                   RCOM looks to rise a bit the setup suggests so.
Lets look at the chart
Reliance communication trade strategy

As long as the stock holds 107 we can test 115 and above
115 this can stretch even to 120.
the stop for this trade should be 107.


Tuesday, March 04, 2014

Nifty Impulsive move

Hi friends,
                   In morning i had mentioned 6250 as important level fail to breach above that
was clue for further weakness in Nifty.But market reversed and went above 6250
making the fall abc and recovered smartly to cover all losses and post a new high.
Nifty Impulsive move
Its a nice channeled
move up which can
be seen from the chart
the next resistance levels
to look for are 6320 ,6350
which coincides with
trendline resistance
Today was the day of
sluggish psu banks which
rose handsomely.


Nifty Wave Structure

Hi friends,
                   Nifty fell on global weakness ,Which according to wave looks like 3rd wave end
Look for counts in old post here Nifty counts .
Lets look at the current picture now with nifty has breached 6250.
Nifty Wave Structure
Nifty is trading below 6250
the first level below which
weakness was expected
If we see the structure of fall
till 6250 is not breached
it would be a impulsive fall
and would give more clues
about further move.
So look for 6250 as important

Remaining below that nifty should target 6160.


Monday, March 03, 2014

Hindalco Trade Strategy

Hi Friends,
                   Hindalco has been out of touch for long time
slow sideways move followed b y good fall.
Lets look at the chart.
Hindalco Trade Strategy
From the chart we can see
Hindalco did one triangle
shown with green colour
followed by a rising wedge
shown in yellow colour.
After which it witnessed
nice fall wxy ie 2 abc's
joined by a x wave
.The interesting thing
is w is almost equal to y
Here we can have a long trade

Stop would be strict at little below 97 and it should be bought in dips or above 107.50
it has a potential yo do 115 in short time.

Nifty Trade strategy 3rd march

Hi friends,
                  Nifty crosses 6270 intraday on friday ,Which suggests the nifty is
gaining strength and would be weak only below 5250 intraday and positionally
weakness would be seen below 6160 .Lets look at the chart.
Nifty Trade strategy 3rd march
From the chart we can see
nifty is nearing trendline
resistance at 5300-5320
which can react and
nifty can fall back to retest
supports 6250 and 6160
below 6160 only can expect
some serious damage else
we should rise back from there.

For short term look for resistance at 6300.