>Nifty update

Hi friends ,

                    In the last post Nifty slow correction had 9050,9000 as supports and a move above 9160 should add strength to the move .Nifty made a low of 9070 and crossed 9160 showed strength and finally have come out of slow correcting channel.

Support now for nifty comes at 9250-40 range and resistance range is 9350-70, If we get a dip  near 9250-40 nifty can move up to 9350-70  provided 9200 holds.Lets see how nifty moves .

>Nifty slow correction

Hi Friends,

                      Nifty probably witnessing longest correction pricewise as well as timewise since 7900 lows,Lets see the internal wave structure of correction.

We can count clearly 2 abc's joined by x wave also we have seen another x wave and the wave is continueing.Nifty is maintaining a slow slanting channel nifty need to take out 9160 spot now to show strength in index,Abreak of 9200 would be considered as breakout from this slow correction.On the downside 9050,9000 are supports ,We still have 2 more trading days left for the week lets see how the price moves .The broader market is moving unaffected by nifty move ,Specially midcaps and small cap stocks .I think till nifty maintains 9000 +-20 these moves can continue.

>Tech mahindra nearing support

Hi friends,

                  IT stocks were lackluster all this while ,After infy results IT stocks saw dump.Slowly many stoxks reaching support one such stock is Tech mahindra lets see the elliottwave pattern of tech mahindra.

Its a complex correction having a zigzag followed by any 3 and a triangle ,Right now e wave of triangle is on 400 is strong support Though Trump effect has shaken the sector a bit,Short term can be bad for stock but on weekly chart the chart looks in accumulation mode.Keep this stock on radar of you are thinking about bright future of IT sector.

>PSU Bank Orient bank

Hi friends,

                 Weekend chart Orient bank a psu bank did a impulse up from year 1999 to late 2010.

Commenced correcting impusive rise from 2011 to early 2016 ,And from there a labored impulse like structure .Let me put the chart.

The chart is well labeled with elliottwave counts.The correction has unfolded in  wxy  ,Right now 160 is stiff resistance for the stock,Waing for a good tradable pattern in short term since big pattern looks clear track this stock closely.