PSU Banks wave analysis

PSU banks have been in downward channel for almost 8-9 years now.

We have witnessed many intermittent rallies inbetween followed by prolonged selling.

These stocks now looks nearing bottom or few would have already bottomed.

Lets look at few of the stocks .

orient bank 

The stock did 5 up and now inprocess of completing abc correction the stock looks to have almost completed its correction ,May stretch bit more ,I reckon this is good stock to buy for investment this diwali :).Buy and hold for 2 years.

union bank

The stock  has corrected in parallel channel and looks to be in process of bottoming out ,Levels of 65-50 looks quite juicy to jump in and buy .Can hold on for atleast a year to reap handsome gains.

PNB

  

The stock witnessed massive beating post neerav modi fiasco. Even after such beating the stock is holding on to supports ,Also maintained parallel channel ,The stock has strong support near 58-55 levels buy and hold for atleast a year to gain handsome gains.

Bank of India

This stock again maintaining parallel channel beautifully , 70-60 levels great to accumulate and hold on for atleast 1,2 years to gain handsome returns.

please see all these are investment picks ,So be carefull if someone plans to trade .Happy diwali to all readers .:)

Nifty wave count

Nifty indeed looked to me as 4th was on and till the gap at 10800 remained open 

it was giving confidence .My last post nifty wave count. 

Lets see the present structure .

Looks to me we are in 5th of the impulse down which started from all time high,The fall looks quite laboured as we are drifting down.Positive divergence is visible in RSI.Monday would be a interesting day.Any fall to 9980 or below looks to me could attract lot of buying .Afalling wedge like structure is visible in lower tf .

nifty wave count

Hi friends,

In last post had anticipated 5th of 3rd happening. Nifty wave count .

Nifty finished 5th of 3rd wave and started 4th up.Lets see the present structure.

Lets see this anticipated 4th up closely.

We have done abc at yesterdays top,This fall could be a d wave fall ,Need 1,2 days price move to further anticipated the structure overall till the gap 10800 remains open ,I am more inclined towards a 4th wave rather than the popular notion of B up. Nifty should clear things up in next few days i think:).Till then play light volatility is on rise again.

Ibventures elliottwave count

Offlate the darling of bulls

Ibventure has been in continuous lower circuits.

Lets look at its wave pattern .The stock has risen nonstop

from 20 levels.

The stock looks to have completed a big 3rd wave near 800 levels.

And now falling in 4th wave .Stock has got clear waves on chart ,Though the fib extensions are not matching quite understandable looking at the velocity of rise.Overall i doubt the stock going below 250.Let the pattern emerge.For now it looks the mighty 3rd wave is done for now in this stock.