ICICI BANK Technical view

Hi friends,
                   Looking at Banking heavy weight ICICI BANK Technical chart,It can be easily figured
out from the daily chart we did abcde from august end 2013 to early December 2013.
Lets look at the daily chart.

The red line shows the abcde
after abcde we have a fall
which as of now can be classified
in impulse down as well as
complex correction.Impulse
down would be more bearish
thing,As of now lets assume
complex correction on and lets
see the hourly chart to see the
fall closely.


The impulsive fall from e top would be damm bearish scenario ,Me taking the fall as
complex correction as shown in following chart.

From chart we can see that
we have done one abc ie w
followed by a X wave and
again we in a fall which should
finish by 940 ,Its good support
fot the stock,I expect a nice
pull back from 940 level
but that would be a short term
bottom only according to me .
Wxy is forming we have done


W and X right now a of Y is going on which is in final stage of its finishing,Track this
stock for short term bounce once 940 is touched.

Regards
Rish

Nifty Technical chart 4th february

Hi friends,
                   Nifty gave a small blip up from A=C area ie 6070-50 level ,We rose
from 6020 to 6100+ levels and again fell below the january expiry day low.
We have gone below A=C level ,So looking at the second level .
Look at the following chart.

The 127.2%  comes at
5990-5980 ,Below which
we target 161.8%  which
comes at 5890 odd levels.
We have tested 127.2% today
the price chart suggests
exhaustion in price momentum.
Though the lower time frame
charts still don't give any
concrete confirmation of


reversal yet, Don't be in a hurry to buy till we see a clear reversal,Usually 161.8% gives lot
of confidence lets see what nifty does this time.
Regards
Rish

What to do when stop losses hit continuously

Hi friends,
                  As the topic says "What to do when stop losses hit continuously"
There is no sure shot thing to come out of this situation,Its a painful situation.

A lot goes through a traders mind during that phase,
What wrong i am doing ?
Did i analyze the scrip wrongly?
Did i force the trade ? etc etc.

And all this time the calculation of loss continuously happens in
background ,So with each new stoploss hit the urge to win back becomes
stronger and stronger.
Eventually trader think to win back most of the loss in a trade and ,Thats how
he increases the stakes on trades and if the loss continues it adds to the agony.

I have managed to come out of this situation only by decreasing my stake on
each trade ,Till in get my winning rhythm back.
How you come out of such situation!!

If you do something different to win back do share your methods.

Regards
Rish 

Ultratech Technical chart Update

Hi friends,
                  On friday i had posted Ultratech Technical chart .I have figured out
the following count is valid too till we don't breach past 1730,Have a look at the
following count on chart.

So any trader who has
taken position on old
post please make sure
you have stoploss on
buy price for now.
We can be riskfree
only above 1730
else this would come
down again.This looks
to me as a B wave triangle


So traders keep an eye at 1720-1730 .If thats not crossed comprehensively
we very well have a short trade too on our hands.Trade wisely.

Regards
Rish