The above daily chart shows a bullish outlook for the short to medium term. The stock has completed its corrective phase. It reversed exactly from the trend line support (marked in Blue color). According to Elliott Wave perspective wave ii / b has completed and wave iii /c is in progress. Basically, Wave iii / c target will be at 161.8 % projection level of wave i / a. The 100% - 138.2% - 161.8% projection level placed at 545 – 625 - 670. In addition, the price developments are making higher highs with volumes. Now we expected to trade higher till 515 – 545 - 625. Support will be at 350 - 340. Resistance level placed at 455 - 490.
On the daily chart the stock is trading above its 50 DMA & 100 DMA ie 350 and 389 respectively. On the weekly charts, the momentum indicators and key oscillators are giving positive crossover.
Recommendation:
Investors can accumulate the stock at current levels (407) or on dips till 390 levels for initial up move till 515 - 545 levels and on sustaining above 545 levels for couple of trading sessions, we expect the stock to continue its positive momentum for the next leg of up move till 625 – 670 levels.
hi
ReplyDeletei hv been reading ur blog since last few months
u seem to follow mostly Elliot wave pattern only.
While it is a good technical element u do try others too
as for ur nifty predictions they r good
but i think this rarely works on stocks