Ramky infrastructure elliott wave analysis

I had written about this stock in jan Ramky infra elliott wave analysis.

Though the stock didnot perform the way it was expected that time.

The longer term wave structure remained intact.Lets see the present chart.

For the overall wave structure look the old post given the link above.

The white labeled wave is in progress expecting 300+ in this stock ,Long term iam expecting bigger targets in this as green colour wave is still under process ,Overall the structure looks bullish and one can hold on for bigger targets in coming months.The stock is still in ASM list so circuit limit is 5% also margin required is 100% so only genuine buyers :) mostly. Stock is clocking good delivery for quite some time.Keep an eye.

Tech mahindra elliott wave analysis

In my old post on CNXIT ,CNXIT ELLIOTT WAVE ANALYSIS.

I had told still steam left for upside ,Continuing the same lets see tech mah

This chart similar to cnxit the stock is in 5th up 3rd wave high was 752 .Any close above 752 stock can shoot towards 800.This is a good buy either above 752 or in dips .

For a dip buy 715-720 is a good level.

IGL elliott wave analysis

IGL looks good on chart it finished a parallel channel correction

broke above it and retraced.The wave analysis shows a good trade

setup lets see the chart.

In any dip the stock can be bought with stoploss of 270 ,If thats taken out the wave structure changes. Lets see how the chart behaves.

cnxit elliott wave analysis

IT stocks have been rallying for some time now .

They have a considerable share in nifty rally ,Top 10

heavyweights have 2 IT stocks TCS and INFY. These two 

among themselves hold almost ~13% in nifty.Look at nifty weightage here.

Lets look at the cnxit chart.

The monthly chart of CNXIT shows clear 5 up impulse with 5th up in progress.Most of IT stocks are similar to the chart shape of CNXIT.

Would analyse important IT stocks in further posts.Looking at parallel channel the logical resistance comes at 17000.

With usdinr hitting new highs CNXIT has still got good times .I would analyse individual stocks later for now bulls are very much alive and kicking in IT index. Enjoy the rally till it lasts :).

FII Selling in India.

A popular notion among traders FIIs drive Indian markets.

Is it true? Year 2007-2009 this correlation was quite correct.

Offlate this is not happening .

Year 2018  till aug 27th nifty has gone up by ~11% and FIIs have been net sellers for the year.Let me put the figures.

Fii is net seller 23k crs in equity still nifty managed to scale up by ~11% .Slowly this dependence is reducing domestic money is getting bigger .No wonder MF inflows are creating records day by day.Still the equity penetration among indians is way less compared to western counterparts long way to go.

Glenmark elliottwave analysis

I had written about glenmark when the deep correction was on.

Glenmark elliottwave analysis in this post i had projected targets for

downmove bottom.

i was of the opinion the bottom could be in range 530-520  the stock made a low of 500 and reversed and now reading at 660+.A good 150+ move .The stock has potential to do 700 and then 780-800 in coming weeks.This upmove can be a d wave up or a new impulse up which can be confirmed as the upmove matures.Many pharma stocks have shown upmove we have seen in past many pharma rallies got fizzled but this rally looks promising as the wave looks over track all pharma stocks in dips can be bought rather on breakouts.

Why nifty not falling?

Of late social media is discussing overtime why nifty not falling.

Ofcouse chartist would say still resistance not reached ,Though a

fundamental guy would day PE is above 28 still market holding.

lets look at the following detail.

From above table we can see top 10 nifty stocks on weighted average .Reliance is almost 10% and this single super heavyweight has risen by 29% in last two month till today .Only 2 stocks in top 10 are giving negative return in last 2 months .These top 10 stocks hold 51.16% .So nifty is so dependent on these as far as up down move is concerned .So keep as eye on the biggest mover Reliance for hints.

Maruti wave analysis

Maruti is still consolidating and the pattern is evolving.

In my last post Maruti wave analysis .I had posted about 

the level of 8900 which has still not come .

The stock has still potential for 8900 which is 61.8% retrace of the 5 up impulse .Also the lower trendline of wedge.If the expected fall eludes we have a option of buying above 9230.

the level above break of wedge .Lets see how the stock moves further.The pattern is in advanced stage make or break soon. 

Federal bank wave analysis

I had posted about fedbank in old post.

Federal bank wave analysis ,Lets see present 

scenario.

The stock trading in X wave ,Got a good dump today ,Its most probably due to more business in kerala and due to kerala floods the business would get affected .Markets mostly reacts to such events .On chart it looks if 75 is held the stock can rise back to 90 levels and further towards 95,98.Lets see how the stock reacts in coming days.

Metal index wave analysis

The metal index is continuing its upward journey 

in my last post Metal index elliottwave analysis 

The price has still got distance to travel.

 

The index can target 3600 in any case.The index can fall after 3600

if its x wave.We can confirm it later as of now the index has potential to target 3600.Individual metal stocks like hindalco jindal steel have chart structure quite similar to metal index .overall it looks still steam left in metals to go further up.

Midcap index wave analysis

Midcap index has not performed well this year.

Nifty has crossed all time high multiple times 

but midcap index has not even touched previou

highs yet.

Midcap index has grossly underperformed nifty 

for now.Lets see the wave pattern of midcap index .

Midcap index had made a high of 21840 and made a low of 17700 .A 19% correction from top.Friday it closed at 19443 so it has recovered back. Wavewise this has done abc with clear internal waves.

Its near to 200dma ie 19528 ,Which should act as resistance a close above this can further propel index towards 20350. Index is trading above slanting channel trendline a retest of this trendline can give confidence to this rally spreading further,Lets see how midcap index moves in coming weeks .Keep laggard midcaps on radar if the resistance is crossed they can run up.

UNION BANK ELLIOTTWAVE ANALYSIS

PSUBANKS have been correcting ever since 2011.

Deep corrections and inbetween fast retraces .

This is weekly chart which shows price movement in slanting channel.

On larger degree WXY correction is on W contains wxy of a smaller degree.Presently trading in Y leg of WXY correction (Sky blue) .

100 is a strong hurdle for this stock a good move is expected above 100 .Lower channel support comes at 50-55 .Can this fall towards 55 time will say right now look for 100 if that fails to cross look for lower levels to come.PSU banks move together.

Overall offlate PSU banks have been buzzing so thought to put a wave prospective.

AXIS BANK

Axis bank consolidated in a triangle for more than 

three and half years .

The stock tried breakout ,This a close above 641 would confirm 

break from triangle.laggard private banks are flavour of season.

icici bank is running so did axisbank need to see if this can close above 

641.The move can be huge above that ,No fundamental reason as such 

for such move yet ,Lets see if the stock can perform.Keep an eye.

Long term charts METALS

Have made few long term charts.

TATA STEEL.

The stock consolidated for 4+ years 

in triangle and broke out and now retracing from highs.

VEDL

VEDL did 5 up on monthly chart and then did abc correction .

The stock rose back above b wave trendline and retracing.

PRAKASH IND

This stock also did a triangular consolidation broke out and now retracing.

MARUTI wave analysis

Maruti did a small degree 5up recently.

Lets look at the chart.

From the chart we can see a nice 5 up followed by a correction the correction

is reaching near support levels. This most likely can bounce in any gapdown

Good support at 8960-80.Lets see how stock plays out in coming days.

COALINDIA wave analysis

coalindia a good channeled move is on.

A abc correction followed by X happened.

 

The stock looks to be heading towards 250 in c of Y .This count invalidates if trades above 289.

Lets see how the stock trades in coming days.

Nifty longterm Elliottwave analysis

Many had asked long term nifty elliottwave count.

I have resolved nifty move in wave count.

The count is on monthly chart.

The above chart shows the waves ,We had a clear 5 wave up in 1st wave finished in late 1994.

We had a time consuming 2nd wave spread across 7 years finished in year 2001.

Golden period 3rd wave started late in year 2001 and finished by late 2010,Agood 9 year+ move.

We had the infamous 2008 correction in this phase where the index corrected by more than 60%.

Before this we had a steep rally in 3rd of 3.

5th wave started in mid of 2013 and still on.We have arguably completed 1and 2 waves and presently trading in 3rd of 5th wave.

Lets check fib corelation.

Took the length of 1st wave and .Then kept it on 2nd wave low and the 3rd wave target matches 

with 161.8% of wave 1 which is usually wave 3rd target.

In next post would resolve the 5th wave.Do comment if you find something to add on or if you have

a diffrent count,I would be eager to read.

ICICIBANK elliottwave analysis

I had posted about ICICIBANK ,With expectation of 

rise towards 315,320.The rally has come still got potential to go more .

Lets look at the bigger picture.

Finally a bearish count lets see how this chart behaves.My expectation is this rally can 

fizzle out by 330+ .This rally is c up of expanded flat.

This count goes wrong if ICICI hits all time high. Prudent thing would be to try hit this 

stock as near possible to previous high as stoploss.Look for weakness !!!.

JETAIRWAYS ELLIOTTWAVE ANALYSIS

I had posted about jetairways in june 

this is in dump for quite some time and things are still not looking 

promising for this.

The stock has already fallen to 300 ,Still scope for downside looks.

let me post current chart.

The stock can well fall towards 200 in due course ofcourse this can have some rises inbetween.

Any one looking for investing be careful and keep stoploss as the picture looks dire.

METAL INDEX ELLIOTTWAVE ANALYSIS

BEAUTY of chart i had posted this on june 20th.

The price hovered for some time near yellow dotted line and it has indeed come to touch green line 

and bounced back . posting the new chart.

This has potential to retouch 3500-3550 levels in due course. A wxy correction is done probably a 

X wave is on,I would revisit this after sometime lets see how the index behave in coming weeks.

HDFCBANK

HDFC BANK trading at crucial point

lets look at the chart.

This is hourly chart we have finished a wxy correction or about to finish. 2110 is very good support

if this is held expect good bounce .

private banks offlate are bit into profit booking lets see how this trades tomorrow.

HINDALCO

A massive abcde up on monthly chart 

 spread over many years.

The stock is retracing after breaking out the rally was big so this can consolidate for a while before 

going further.lets take a closer look to the current correction.

A slanting channel correction is on probably the stock an oscilate between 190 to 240 for

quite some time breaking this range on either side we can draw the further pattern .Metals

are in limelight thanks to tradewar !!.