Nifty technicals discussed

Hi friends,
                   Nifty has been sideways now for few days atempting a sideways pattern
a closer look at the chart shows us that the yesterdays move was a triangle
now if the triangle has started from low then we have upside capped,But if its a b wave triangle
then we can see a sideways uppish move till 6200-6230 .
The following chart shows triangle

And the big picture is shown in following chart.

Lets see how nifty behaves

Regards
Rish 

Reliance Technical chart

Hi friends,
                   Revisiting reliance had posted this stock in october  but nothing much
has changed from that its still moving in the same range and yet to breach either side
though off lately its hugging the upper trend line,Look for old post here Reliance .

As we see from the above chart the upper trendline still holds and the price reversed
ferociously this time according to triangle this should be the last leg before the break
out of triangle happens.
Have a interesting thing to share A fractal ,The kind of move we are witnessing in reliance
has already happened way back in 2001-2003

A kind of sideways triangle we saw a sharp dip followed by a rise followed by a shallow dip
and small rally with sideways pattern for sometime and then a break from the pattern.
Lets look at the present structure.

We had a sharp fall followed by a rise followed by a shallow fall a small rally
and presently sideways in range,Both structures are almost same.
I have already said 2014 would witness outperformance from OILand GAS sector.
Look to buy oil and gas in falls.

Regards
Rish

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