>Reliance elliottwave analysis

Hi friends,

                  Reliance has been sideways for almost 8 years without showing considerable move.

Its been trading in a triangle ,Which can be seen in following chart.

The range is getting squeezed as seen from the chart ,abcd is done and a small triangle is again in process,A closer look at the chart shows the internal waves as shown in the following chart.

From this chart we can see 1150 is the breakout level for this triangle ,Internal waves of triangle suggests wave e is pending we have to see wave e goes deep down or remains sideways overall above 1150 this stock can go in new territory.Keep a watch on this stock would update when wave structure gets ripe.

                   

>Granules elliottwave

Hi friends,

                  weekend post is granules ,The pharma as a whole is not the flavor right now,Who knows the sector can surprise soon.

I am posting weekly chart of granules the waves are so clear,The impulse started after 2008 carnage is still on with 5th wave pending.

The stock witnessed multi year 3rd wave and right now consolidating in a probable 4th wave triangle 

after which the pending 5th wave can take stock towards 200+ levels.A trader should make a position above 148 which points that the triangle has been overpowered and a smooth move towards target could come.As a investor the stock should be bought in dips .

>Petronet TRIANGLES

Hi friends,

                   Petronet has been trading in triangles for some time now.

First it was in a bigger triangle from last october till late jan 2017 ,It did break that triangle but again started to consolidate in a smaller triangle .

look for a fast move soon as its been consolidating for long time,367 is support for the stock and above 393 can move towards 420 and further towards 450.

>Banknifty

Hi friends,

                   In my last post on banknifty ,I had mentioned about resistance which should get overpowered eventually.

We can see from the chart the price is trading above the trendline resistance,Its been trading above it for a week now,A correction is expected only below 19900 in which case it can damage chart,So any fall below 19900 not good for banking stocks,Above it it would be taken as consolidation after a steep rise.