SBI ELLIOTTWAVE COUNTS

Lets look at SBI wave structure ,The preferred count follows.

From highs looks to have completed a impulse down,5th finished with a double bottom,Which makes me think to have a alternate count handy ,As of now lets stick to this count .So we are nearing a up finish,Which suggests a dip coming.Lets see how this does going forward.

Banking stocks icicibank hdfcbank

A post after quite sometime.

ICICI bank came up with results today,Seems to be a good set of numbers.The very short term chart shows abcde done and stocks looks set for good move on monday above 900 can really shoot.

Now lets look at Hdfc bank the chart shows 123 done and stock attempting a 4th wave 

The present structure looks like a small wedge in making which could be a B wave so a possibility of a fall in C to retest breakout trendline cant be ruled out.This stands failed if in present move the price breaches 3rd high. So overall gist would be if ICICI shoots big HDFC bank falls to sober down banknifty :),Interesting Monday session looking forward to see how this plays out.

Nifty and midcap index

Dear friends,

                       Nifty made a top on 1st dec wheras midcap index made top on 15th dec .

Nifty fell 5.9% high low and Midcap indec fell 8.6% high low. I scanned nifty 500 to sort which stocks under performed and outperformed.

The above stocks outperformed ,Mostly pharma stocks ,Covid scare did the trick .So even though the index fell by over 8% these stocks ran hansomely. Lets see underperformance.

The above list shows the big fall witnessed by stocks ,Many psu banks in the list,They shot up very fast too so saw a melt down .

Nifty WAVES

Nifty fall from 18887 structure.

The fall looks corrective and probably nearing end of wxy.A meaningful bounce is in offing.Fresh short are not advised at these levels.