Indusind Elliottwave analysis

The price has been squeezing in a range for some time 

Lets see the chart structure.

The chart is self explanatory,Upside minimum potential 1430,Above that it breaks out 

of this wedge ,Keep an eye on this stock.,

Nifty elliottwave analysis 26th aug

Nifty had a very volatile move since my last post.

Nifty elliottwave.

Lets see the currect structure.It did a abc fall ,The second option i discussed ,

But yes the c went and made a new low ,Making a elliottwave structure namely

expanded flat.

This pattern suggests higher levels for nifty ,Inbetween dips can come but ,This pattern suggests a 

retest of 11200 atleast .Lets see how the price behaves.

nifty elliottwave analysis 20th aug

Not much has changed from the last post.

NIFTY ELLIOTTWAVE. Lets see present picture.

The above could be a posibility which means we could witness this sdeways move for one or 2 

more trading sessions ,This count holds true as long as lower yellow trendline holds true.

Lets see what could happen if trendline breaks down.

This suggests another abc on and a fall towards 10900 or bit lower can come ,Tomorrow we could 

figure out what pattern plays out :).

Nifty elliottwave analysis

Lets look at the nifty count .

The popular count doing rounds is nifty impulsing down.

Check this count .

The fall to me looks complex ,Though the c of Y does show 3rd wave fall conditions (continued falling even in extreme oversold situation),The present situation shows as long as 10900 holds

A high above 11200 looks possible ,The waves are overlapping in this upmove so need to be watchfull,Probably a X wave move is on .Below 10900 a new low looks quite easy .Lets see how the chart behaves .

HDFC BANK elliottwave

Dear friends,

                      HDFC Bank is a super heavyweight in nifty ,Lets see its wave structure.

The stock made a important low below 1900 ,Lets see the wave strcture from 1900.

The structure looks quite clear wavewise,The above chart is self explanatory also the 

3rd wave comes exactly 1.6(1)wave.Wave 3 ended with a ending diagonal .The fall from 2500

is quite sharp ,The fall looks impulsive but i am giving it more time to get confident ,For now 

the gap area near 2350 is stiff resistance ,Only above that i would consider bullish count ,Till then,

lets see how the price behaves and the pattern emerges.

Indusind elliottwave analysis

This bank struggled among other private banks in rally.Ofcouse reason being expousure to stressed assets. The stock has been in range for some time .Lets see its chart.

The above chart shows the triangle possibility as long as 1350 holds the stock has potential to do 1700.Another count with a possibility og ABC correction also shows upside coming .

The above chart shows ABC possibility and right now C on .abc of c iss done and d wave is on which has a resistance at 1550 levels.

So in both cases a rally is seen though different targets. Lets see how chart behaves.

MIDCAP index elliottwave analysis

Midcap index has underperformed for 2 years now, Many midcaps have become small caps.

The chart of midcap index is squeezing.Is it getting ready for big move ?Lets check up.

The above chart suggests WXY correction over and the price is squeezing in range now,

With range squeeze ,The upside momentum can start off  with a close above 18000.

This is quite bullish count lets see how the index behaves if it  closes above 18000.

Below 16400 the count gets negated .

nifty chart

Lets look at the nifty count ,We still have a bull count .

Lets analyse it.

We can see a clear impulse ,After election result the move became bit complex and gave multiple signals. The new high nifty made was in fact the b wave the aka expanded flat pattern .So the potential of fall is still here towards 11600 ,Below which we fill the gap till 11400+-30.

Looking to revisit this count soon as the move matures.

Nifty and bank nifty charts

Friends with election results nearing the stock market activity has increased.

Lets see what chart structure shows.

Nifty 

The nifty from top is still a impulse down possibility on as long as 11560+ is held on upside .The red is bear count and bull is green count .Lets see which way market tilts.

Bank nifty.

The bank nifty the overlap is already seen so here the only count for now is abc. Above  29500+ 

banknifty is quite strong .

Lets see how they behave next week :) 

Nifty chart

Nifty wave structure ,Nifty has been trading in a small range for some time,

Thought the move is fast within the range .

Lets see the wave count.

The green one suggests the bull count and the red one is bear count.

Overall the range can hold for max few days range expansion is coming soon.

As long as 11570-60 holds expect nifty to retest today high .

The bearish red count negated if nifty scales new all time high.

Nifty chart update

The move is maturing ,Had posted counts here Nifty chart.

Lets see the current picture.

After 5 down we had a  abc up which retraced near about 78.6% of the fall.

Now the C down is on which can go towards 11520-11500 levels .We would recheck

about any stretch if at all at those levels .

Nifty chart

Nifty looks to have completed a small impulse on upside.

Lets see the chart.

From the top of 11761 ,I can see an impulse down too in small tf .Lets see that chart too.

So looking for a sideways to downward consolidation for some time ,The move can stretch

towards downside if 11550 is taken out in a day . Overall expecting mkt to hold small range for 

few days and by then can figure out correction pattern more clearly.

TATASTEEL chart

Metals have been rising ,Still bit away from channel resistance .

Lets see the chart.

Still away from channel resistance if any correction would be bought into the resistance comes 

in 565-70 range ,Overall fag end rally if its an X wave .

HDFCBANK chart

HDFCBANK is super heavy weight in banknifty index ,Mostly this stock move

gets replicated in index.

Lets see its wave structure.

The stock looks to be in 3rd wave of the move started from sub 1900 levels ,Currently 3rd of 3 looks

ending and 4th of 3rd happening ,Any correction which happens looks like would be bought into for a new high again .Look for dip to add into.The stock still has got steam to scale new highs.

Lets see how this stock behaves in coming days .

Midcap index chart

The midcap index has given rally more than expected.

It has negated the previous wave count  midcap index chart .

Lets see present scenario.

The yellow is the updated count,The big bull countwould be 1,2 in place of ab(yellow).

Still steam left even in a BEAR count towatds 18000. Lets see the index how it behaves.

Banknifty elliottwave count

In my last post Banknifty elliottwave count a wedge breakdown

had happened .

Lets see the current picture.

The above chart is self explanatory,This count negates above 27500.

Overall banknifty is holding in slanting parallel channel.As long as 27500 holds 

banknifty can slide towards 26200-26000.

Nifty elliottwave analysis

Nifty volatile range bound grind is still on.

Lets look at the current picture.

From the chart we can see a wvy is done and a further wave structure is underway.

The preferred count for now suggests either a b/2 is on as long as 10950-11000 range 

holds up on upside .This count suggests a bad march month for  nifty.Expiry is this 

thrusday lets see how nifty behaves ,The next few days would clear the doubt if all in 

the above count ,Overall the range bound move is still on with lowerside capped at 10500

and upside capped at 11000.

midcap index chart

Midcap index saw a good bounce today ,In my last post

had mentioned about support at 16000 levels .

Midcap index chart ,Lets see the present situation.

The index made a low near 16044 and today closed at 16470+ .The wave count suggests

3rd wave finished at 16044 and probably 4th up wave is on ,This count gets negated if 

17220 is taken out on upside .Lets see how the index behaves in coming days.

Edelweiss chart

Edelwiess stock has corrected more than 50% within a year.

Lets see the stock chart.

This is weekly chart,We have a impulse from top,Which is almost completed ,I am looking for 

a strong bounce in stock .

I am expecting 210 levels in medium term ,A good stock to accumulate here on.

Midcap index chart

Midcap index the correction keeps extending,

I had put a count before which got negated.

Lets see the present structure.

WXY correction on ,At present Y on in Y c wave is on the support levels are 16000

15800.

Eicher motors chart

Royal enfield promotor Eicher motor saw sales drop in 

dec qtr ,I dnt remember last when they witnessed drop in sales.

Lets see the stock chart.

The waves are well labled ,As long as 26200 is not breached we could have a impulse 

down from top ,Which is not good for the stocks bull pattern.

If waves get overlapped ie a breach of 26200 on upside this could well be a short term correction

in bull move ,Lets see how stock behaves.

Reliance infra chart

Reliance infra ,This stock had been in news for Rafale deal.

Lot of price damage this stock has seen after congress allegations.

Lets see its stock chart.

The stock has been in correction since 2008,The correction is squeezing in contraction.

It has hit the lower trendline. This seems to be a good investment bet,This is weekly chart.

Usually in the last leg the price breaches the lower trendline and then reverses violently.Lets 

see how this stock behaves .

ITC Chart

ITC has been falling after giving q3 results.

Lets see the chart.

The chart shows the fall can mature below 265 and can go towards 230-220.

The breach of green trendline opens up way down towards 230-220.

Banknifty chart

Nifty is range bound with lot of whipsaws 

In my last post nifty elliottwave we did see 

a good triangle consolidation and a break above it

and now again whipsawing above breakout line.

Lets see banknifty chart.

Right now its evenly poised mind is running both sides :). lets see which side banknifty turns.

50DMA is at 26900 thats a good area for reversal .If it goes below that the things start to look

diecy ,I think next week picture should get clear we have been witnessing these whipsaws for

some time now.

Midcap index chart

Midcap index is not in sync with Nifty ,Nifty is still able to 

rally a bit but midcap index is sideways to down .

Lets look at its waves.

This holds true as long as midcap index holds 17220.This count suggests some more range bound movents before a trending move.

Axis bank chart analysis

Axis bank was the laggard in private sector banks,Offlate this stock has 

been in bulls list and has seen break from 4 year consolidation triangle.

lets look at its chart ,

Monthly chart

This is monthly chart can see how big triangle consolidation in 4th wave and now breaking out

from it,For 5th wave move.

This chart shows 4th wave consolidation off late the stock is witnessing good volumes ,

Lets see the 5th wave closely.

5th still got lot to do ,We had a deep 2nd wave ,Above 680 move can go explosive ,buying in 

dips is good in this stock for delivery, A 4 year triangle break can give a good upmove .For FNO trade still need a better trade setup as the swings are wild so risk needs to be managed.

Housing finance companies

Housing finance companies saw big dumps and 

they went in consolidation after the dump. DHFL ,INDIABULL HOUSING

 to name few ,Both look to have fallen in impulse .

Ibulhousing 880+ is stiff resistance for now ,Need more time for a trading setup as pattern is 

still on.

DHFL too saw a deep cut in september this was the first housing finance company to fall

big time ,Still this is not able to recover much after the dump above 250 only the stock would

show strength.

Would be interesting to see this qtr results of housing finance companies..

Techmahindra elliottwave analysis

This stock has been whipshawing for quite some time

lets see the internal waves to figure out what the stock 

is up to.

The above chart clearly shows the stock is in timeconsuming triangle which has a breakout above 735

and breakdown below 670.Wave says some more time in traingle before its ripe to break it. Track the stock for good move after finishing triangle keep levels handy.

ICICIPRU update

The stock gave a good spurt last few days ,I had told about 360+ 

in my last post icicipru elliottwave analysis. The reached 360+ the congestion range

and is consolidating.

Now further move up comes above 364 ,Which take stock up further towards 380,400.

Support for now comes at 332+ ,A good impulse looks to be building up from the C low.

Nifty elliottwave analysis

The nifty grind is still on with range is still getting squeezed,

In last post nifty elliottwave counts,Had anticipated d and e wave 

of triangle the expected up down move has come.Lets see the present 

chart.

Above 10880 the triangle breakout comes and below 10600 triangle breakdown.Reliance the 

heavy weight of nifty is also moving in triangle Reliance elliottwave analysis.The expectation 

is of upside break to complete the c wave rally of Y .Lets see how waves unfold .

Reliance elliottwave analysis

Triangles galore ,We witnessing a triangle in nifty too.

Nifty elliottwave . 

Reliance has been consolidating for quite some time and 

range is getting contracted lets see the chart.

The chart is well labled ,Above 1130 -35 expect good rally in the stock ,Explosive move ahead 

as range is quite sequeezed .This being the super heavy weight no wonder even nifty is apeing the

pattern.

ICICIPRU elliottwave analysis

The stock saw good consolidation and now it has started to 

come out of range lets see the wave analysis.

The structure suggests a good abc completion ,Also its trading above C wave trendline.

The chart suggests good support in range 300 and resistance in 360 range above 360 .

Sustaining above 360 big target towards 410-425+. 

Note :- Break of 300 would confirm C still underway..

nifty wave counts

Nifty has been squeezing for a while .

The range is getting squeezed ,A triangle is in formation.

Triangles usually form when sectors are moving in opposite direction.

Lets look at the chart.

We have done WX ,Now Y is on. In Y a is done and b triangle is underway.

Eepect some more grinding before going for c up of Y .

lower side support is in 10600 range and upside break is above 10950.