Banknifty chart

Nifty is range bound with lot of whipsaws 

In my last post nifty elliottwave we did see 

a good triangle consolidation and a break above it

and now again whipsawing above breakout line.

Lets see banknifty chart.

Right now its evenly poised mind is running both sides :). lets see which side banknifty turns.

50DMA is at 26900 thats a good area for reversal .If it goes below that the things start to look

diecy ,I think next week picture should get clear we have been witnessing these whipsaws for

some time now.

Midcap index chart

Midcap index is not in sync with Nifty ,Nifty is still able to 

rally a bit but midcap index is sideways to down .

Lets look at its waves.

This holds true as long as midcap index holds 17220.This count suggests some more range bound movents before a trending move.

Axis bank chart analysis

Axis bank was the laggard in private sector banks,Offlate this stock has 

been in bulls list and has seen break from 4 year consolidation triangle.

lets look at its chart ,

Monthly chart

This is monthly chart can see how big triangle consolidation in 4th wave and now breaking out

from it,For 5th wave move.

This chart shows 4th wave consolidation off late the stock is witnessing good volumes ,

Lets see the 5th wave closely.

5th still got lot to do ,We had a deep 2nd wave ,Above 680 move can go explosive ,buying in 

dips is good in this stock for delivery, A 4 year triangle break can give a good upmove .For FNO trade still need a better trade setup as the swings are wild so risk needs to be managed.

Housing finance companies

Housing finance companies saw big dumps and 

they went in consolidation after the dump. DHFL ,INDIABULL HOUSING

 to name few ,Both look to have fallen in impulse .

Ibulhousing 880+ is stiff resistance for now ,Need more time for a trading setup as pattern is 

still on.

DHFL too saw a deep cut in september this was the first housing finance company to fall

big time ,Still this is not able to recover much after the dump above 250 only the stock would

show strength.

Would be interesting to see this qtr results of housing finance companies..