Glenmark elliottwave analysis

I had written about glenmark when the deep correction was on.

Glenmark elliottwave analysis in this post i had projected targets for

downmove bottom.

i was of the opinion the bottom could be in range 530-520  the stock made a low of 500 and reversed and now reading at 660+.A good 150+ move .The stock has potential to do 700 and then 780-800 in coming weeks.This upmove can be a d wave up or a new impulse up which can be confirmed as the upmove matures.Many pharma stocks have shown upmove we have seen in past many pharma rallies got fizzled but this rally looks promising as the wave looks over track all pharma stocks in dips can be bought rather on breakouts.

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.