HDFCBANK chart

HDFCBANK is super heavy weight in banknifty index ,Mostly this stock move

gets replicated in index.

Lets see its wave structure.

The stock looks to be in 3rd wave of the move started from sub 1900 levels ,Currently 3rd of 3 looks

ending and 4th of 3rd happening ,Any correction which happens looks like would be bought into for a new high again .Look for dip to add into.The stock still has got steam to scale new highs.

Lets see how this stock behaves in coming days .

Midcap index chart

The midcap index has given rally more than expected.

It has negated the previous wave count  midcap index chart .

Lets see present scenario.

The yellow is the updated count,The big bull countwould be 1,2 in place of ab(yellow).

Still steam left even in a BEAR count towatds 18000. Lets see the index how it behaves.

Banknifty elliottwave count

In my last post Banknifty elliottwave count a wedge breakdown

had happened .

Lets see the current picture.

The above chart is self explanatory,This count negates above 27500.

Overall banknifty is holding in slanting parallel channel.As long as 27500 holds 

banknifty can slide towards 26200-26000.

Nifty elliottwave analysis

Nifty volatile range bound grind is still on.

Lets look at the current picture.

From the chart we can see a wvy is done and a further wave structure is underway.

The preferred count for now suggests either a b/2 is on as long as 10950-11000 range 

holds up on upside .This count suggests a bad march month for  nifty.Expiry is this 

thrusday lets see how nifty behaves ,The next few days would clear the doubt if all in 

the above count ,Overall the range bound move is still on with lowerside capped at 10500

and upside capped at 11000.