BHEL Technical chart

Hi friends,
                   Bhel is trading in a important range so ,lets see its wave count.
On daily chart we can see it failed to breakout of longterm slanting trendline.

A breakover the trendline would give the momentum and trenchange for the stock ,But
for the time being its not happening.Lets see the chart little closely on a hourly chart.

 We can see A up followed by a rangebound correction a triangle followed by a impulse
up ,Now this impulse up can be a 1 aloso of a smaller degree that we can see if stock starts
to show up strength soon,My preferred count would be we finished a abc ie W as long as
the high of 180+ holds i would look to sell rallies. 

Reliance communication Technical chart

Hi friends,
                   Lets look at the chart structure of RCOM,This stock had a very sharp run in year 2013.
Ran from 50 to 160+ with in six month,And presently in time comsuming complex correction,
Looking at the correction from 160+ onwards closely,We can see a tripple zigzag wxyxz .
Which is shown clearly in the following chart.

This correction is in its 4th month already with last leg of z on,The stock has covered very less price
160 to 130 whereas it took 4 month so its a lengthy correction with smal price volatility compared to
its 6 months run 50 to 150.
Right now we can have a small short trade here in rises with strict stoploss at 140+ for a target 120.
Since this is last leg of triple zigzag ,stoploss has to be strict,Do track this stock look for a handsome
jump once triple zigzag correction ends.

Regards
Rish

BankofBaroda Technical chart

Hi friends,
                   Revisiting BOB chart had given a smal trade in bob yesterday for c wave rally
which was reached today and reversal came along with that ,Look old post here BOB .
 Now looking at the broader picture look at the following chart.

 The c wave rally touched the trendline resistance and reversed ferociously ,This stock would be targeting 600-580 levels in coming weeks.
Look to short this in any counter rally stop loss should be 680.

Regards
Rish

Nnifty analysis

Hi friends,
                  Nifty today rose suddenly after few days sideways move we could well be forming
a abcde from 6150 levels a break of 6300 and close below that can create short term selling
pressure.

 Regards
Rish