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.