Reliance infra chart

Reliance infra ,This stock had been in news for Rafale deal.

Lot of price damage this stock has seen after congress allegations.

Lets see its stock chart.

The stock has been in correction since 2008,The correction is squeezing in contraction.

It has hit the lower trendline. This seems to be a good investment bet,This is weekly chart.

Usually in the last leg the price breaches the lower trendline and then reverses violently.Lets 

see how this stock behaves .

ITC Chart

ITC has been falling after giving q3 results.

Lets see the chart.

The chart shows the fall can mature below 265 and can go towards 230-220.

The breach of green trendline opens up way down towards 230-220.

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.