Nifty Wave Structure

Hi friends,
                   Nifty fell on global weakness ,Which according to wave looks like 3rd wave end
Look for counts in old post here Nifty counts .
Lets look at the current picture now with nifty has breached 6250.

Nifty is trading below 6250
the first level below which
weakness was expected
If we see the structure of fall
till 6250 is not breached
it would be a impulsive fall
and would give more clues
about further move.
So look for 6250 as important
level.


Remaining below that nifty should target 6160.

Regards
Rish.

Hindalco Trade Strategy

Hi Friends,
                   Hindalco has been out of touch for long time
slow sideways move followed b y good fall.
Lets look at the chart.

From the chart we can see
Hindalco did one triangle
shown with green colour
followed by a rising wedge
shown in yellow colour.
After which it witnessed
nice fall wxy ie 2 abc's
joined by a x wave
.The interesting thing
is w is almost equal to y
Here we can have a long trade

Stop would be strict at little below 97 and it should be bought in dips or above 107.50
it has a potential yo do 115 in short time.
Regards
Rish

Nifty Trade strategy 3rd march

Hi friends,
                  Nifty crosses 6270 intraday on friday ,Which suggests the nifty is
gaining strength and would be weak only below 5250 intraday and positionally
weakness would be seen below 6160 .Lets look at the chart.

From the chart we can see
nifty is nearing trendline
resistance at 5300-5320
which can react and
nifty can fall back to retest
supports 6250 and 6160
below 6160 only can expect
some serious damage else
we should rise back from there.



For short term look for resistance at 6300.
Regards
Rish

Nifty Trade strategy

Hi friends,
                 February series ended on a high .I had posted a expiry View Nifty expiry.
Nifty expired on said direction,Now a new series in on lets see how waves unfold.
Lets look at the present chart structure.

We are in 5th of
impulse of lower
degree and it can end
anytime.The options
we have according to
elliottwave is shown
in the chart.
Lets look at the lower
time frame chart
to have a better look
at the structure.

As long as nifty remains
above 6215 it seems fine.
Below 6215 first sign of
weakness .Below 6160
trend would get negative
else we can rise back
from 6160 .Lets see how
nifty behaves in next
few days it would
show the roadmap


for next few weeks .

Regards
Rish