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.

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.