Nifty Impulsive move

Hi friends,
                   In morning i had mentioned 6250 as important level fail to breach above that
was clue for further weakness in Nifty.But market reversed and went above 6250
making the fall abc and recovered smartly to cover all losses and post a new high.

Its a nice channeled
move up which can
be seen from the chart
the next resistance levels
to look for are 6320 ,6350
which coincides with
trendline resistance
Today was the day of
sluggish psu banks which
rose handsomely.


Regards
Rish

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