Why nifty not falling?

Of late social media is discussing overtime why nifty not falling.

Ofcouse chartist would say still resistance not reached ,Though a

fundamental guy would day PE is above 28 still market holding.

lets look at the following detail.

From above table we can see top 10 nifty stocks on weighted average .Reliance is almost 10% and this single super heavyweight has risen by 29% in last two month till today .Only 2 stocks in top 10 are giving negative return in last 2 months .These top 10 stocks hold 51.16% .So nifty is so dependent on these as far as up down move is concerned .So keep as eye on the biggest mover Reliance for hints.

Maruti wave analysis

Maruti is still consolidating and the pattern is evolving.

In my last post Maruti wave analysis .I had posted about 

the level of 8900 which has still not come .

The stock has still potential for 8900 which is 61.8% retrace of the 5 up impulse .Also the lower trendline of wedge.If the expected fall eludes we have a option of buying above 9230.

the level above break of wedge .Lets see how the stock moves further.The pattern is in advanced stage make or break soon. 

Federal bank wave analysis

I had posted about fedbank in old post.

Federal bank wave analysis ,Lets see present 

scenario.

The stock trading in X wave ,Got a good dump today ,Its most probably due to more business in kerala and due to kerala floods the business would get affected .Markets mostly reacts to such events .On chart it looks if 75 is held the stock can rise back to 90 levels and further towards 95,98.Lets see how the stock reacts in coming days.

Metal index wave analysis

The metal index is continuing its upward journey 

in my last post Metal index elliottwave analysis 

The price has still got distance to travel.

 

The index can target 3600 in any case.The index can fall after 3600

if its x wave.We can confirm it later as of now the index has potential to target 3600.Individual metal stocks like hindalco jindal steel have chart structure quite similar to metal index .overall it looks still steam left in metals to go further up.