Banknifty trades in Triangle ahead of RBI Policy

Hi friends,

                  Banknifty is trading in a classic textbook triangle

with clear 2 waves in each leg look at the chart below .

According to chart if 14700

holds we are heading higher

in d leg of triangle .

Overall a nice triangle squeeze underway.

Regards

Rish 

NTPC the electric giant followup

Hi friends,

                 In my last post NTPC the electric giant i had mentioned about the wave reversal 

what we can see in NTPC and yes it indeed reversed ferociously .

Let me put the latest chart to show the current picture.

The last post when i had put the

stock was hovering near 120 levels

and it shot up to 167 level quite fast

and now retracing the rise.I see a very

promising future for this stock.

The power crisis is a very old problem

what India is facing and with out NTPC we cannot solve that problem

and now with Modi at the helm of 

government ,Things look rosy for this 

stock because ,For once we can 

expect faster disposal of government files etc.The latest being the Uttar pradesh power crisis people are 

facing 12-14 hrs power cuts ,NTPC is well placed to solve such crisis ,Now even has got own railway 

lines and bogies to get supplied with uninterrupted supply of coal to full fill its power factories demand.

Next few years are NTPC years:)

Regards

Rish 

HDFC ABC Continues

Hi friends,

                 Let me show tonight how a stock pattern is formed slowly ,The only reason 

a trader misses a pattern is the time consuming nature of pattern formation.

This HDFC chart we can 

see how continuous abc 

formation is seen this is

third abc (zigzag ) in it

still early in the pattern but

if a=c then a fall till 870-865

can be seen after which the stock

should reverse ,Track this stock

its one of the super heavy weight

in nifty ,Lets see how this moves in coming sessions .

Regards

Rish 

Nifty wave counts 28th may

Hi friends,

                Nifty continue to move above 7200 keeping both counts alive :).

with expiry approaching fast a decisive move is on for sure .

Lets see the chart structure.

A squeeze kinf od structure is forming

near 7300 levels ,Lets see if nifty continues to be in the same range or

tries to break that range.Once the range breaks i would post the further

structure because as of now 2 counts 

are active once it confirms 1 count i would go further with the same count

and post its further move so keep eye on 7200 as long as that holds Nifty looks fine ,

Below 7200 we get new lower levels.

Regards

Rish