Nifty wave count

Nifty is keeping on toes crucial levels approching.

In my last post Nifty wave count .I had anticipated the rally from 

10336 to 10710 as 4th wave rally which turned out to be true.

After that we had a new low 5th wave which terminated at 10004.5.

Let us see the possible counts we have for now.

The popular count is we have a 5 down followed by abc up 

So in this case A (5 down) done ,B up on. The crucial resistance range 

10750-10820 the GAP nifty created in its 3rd wave fall.If thats taken out 

we have to have a bull count ready!!!!.

Let me post the chart.

The other possible scenario we have is running flat correction,Which says the correction is over 

and we head higher.Let me post that chart.

A running flat is a 335 correction where B goes above A high and C remains with in the start of B wave.This is interesting count ,I would look for more hints to zero in on the preferred count !!

ICICIPRU Wave analysis

Interesting chart pattern icici prudential.

Lets look at the chart.

The chart is well labled ,As long as 340 holds the stock has potential to hit 380-85.

Lets see how stock performs.

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 .