>Nifty wave structure

Hi friends

                 Looking at nifty which is still shy of  high made in sept 2016 unlike banknifty which has taken that high convincingly.

Lets look at the daily chart of nifty .

From the chart we can see an important resistance is approaching ie 8925-30 .Bank nifty has taken this resistance already nifty os lagging banknifty this time all because of super heavy weight HDFCBANK rally.Lets look at the rally from sub 7900 levels closely .Let me post hourly chart.

The move is fast with small interrupts inbetween ,From this 8700 is a strong support for now and till thats maintained stock specfic action looks to continue on the upside resistance to look for would be 8925-30.

>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.