Stocks Elliott Wave analysis and Nifty video update

Published: Thu, 01/25/18

     

Dear Members,

25 Jan 2017

A quick video update on the short term nifty analysis. And this week the stock analysis for the short term is Public so you can access online. Am including some of the posts in this mail below that were interesting.

As we enter the Budget week people will speculate about everything but apart from some economic stimulus there is nothing more to ask.And the market can try to speculate on a massive tax cut. Else most is priced in.

Enjoy

My Truth About the Markets

And a Happy 69th Republic Day

Rohit Srivastava

  Nifty Trend Channels and Trend following
Video
 

Vedanta

Vedanta - took support at the 40wema at 281 and started to bounce back. The daily momentum is in buy mode and immediate resistance is at 299. Wave counts show a 3 wave fall maybe complete. So we cannot rule out a fresh rally. Even if it is a counter trend move a larger retracement of the fall may take place. 50% at 312 and 61.8% at 320 are open retracement levels on a rally as long as 286 and 277 support levels are not broken. Above 320 back to the 347 high would open up.

vedanta121217


Hindalco

Hindalco closed the week positive after taking support at the 40 week average and close to the rising channel. Support is near 235-227 and the upper end of the channel for wave 5 up is at 300

hindalco 161217


Tata Motors

Tata Motors managed a 66% retracement of the Nov-Dec decline and in doing so touched the upper trendline of the falling channel that has held prices since Sept 2016. The next wave should be down again from here. The upper line was at 445. The daily momentum crossed over to the sell side. The averages near 420 are first and a close below that should mean that we can test the wave 1 low at 389. Once 389 breaks then we go the lower end of the channel near 300.

telco 100118


Federal Bank

A slight change in the wave count from the last post. Moving wave 5 to the high. Then wave B is a clear 3 wave bounce and wave C down started. With resistance at 106 and 109 C=A points down to 92.50 near the 20 month average. But if that breaks the next support will only be near 80.

federal 180118


Reliance Inds

Reliance industries went past its recent highs near 957 in a new rally, as the daily momentum indicators are back in buy mode. The question is how far can the move go. It is possible to draw a rising channel around prices and project from the lower end to the upper end. That is from 915 to 1100. Wave wise this would be wave 5 of the move within the channel.

reliance 220118


Equitas Holdings

A newly listed stock it is unwinding with lower tops and bottoms. A 61.8% retracement into the recent Jan high and selling off. The daily chart shows support near 149 and 147.70 which once broken we see a move to the previous low at 133.50. tHE 40dema at 153 is the resistance

equitas240118


PSU Banks

No change in the big picture for PSU banks [from the earlier post - http://www.indiacharts.com/icjpages/index.php/indiamkts/valuewave/stocks-latest-list/7437-psu-banks-180118], the short term wave B extended to close to 61.8% near 4018 on the Nifty PSU bank index. So staying below this level it should be down hill from here. The announcement yesterday ahead of the budget is good, because now no news should be expected on this front anymore to cause unexpected spikes after this.

psubanks 250118

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
future probable outcomes. It is our endeavor to discuss high probability outcomes for
traders and investors. However this is not a solicitation to buy or sell stocks futures or
options or any security. Trading in any financial market should be done with sound
knowledge and the help of a qualified investment adviser. Stocks based on the Elliott
wave model are based on the Fibonacci fractal of the market and momentum indicators,
targets are based on Fibonacci maths and are only indicative of what the mathematical
model throws up. This is not a recommendation to buy/sell.
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