TECHNICAL SPEECH

Friday, February 3, 2012

The above weekly chart shows bullish outlook for short to medium term. After testing the crucial bottom the stock started recovering from the support. It seems like the stock has bottomed out. In addition few weeks back “Falling Wedge” break out has been witnessed with high volume which is good bullish reversal sign. Now the volumes are consistently increasing with rise in price. The weekly and monthly RSI shows positive crossover. Overall the stock is heading toward 110 - 135 levels which is 38.2% - 50 % retracement level of last falling leg. On sustained rally above 135 the stock will move further towards 190 in medium to long term perspective.

Strategy:

ü Investors can buy the stock at 45 – 41 range for the target of 110 – 135.

Thursday, December 1, 2011

Elliott Wave Analysis - Nifty

The above chart explains the Elliot wave perspective of Nifty. As per Wave theory the present pattern consider as “Triple combination” which is Non-Standard corrective pattern. The pattern and price developments on past confirmed the outlook. According to Triple combination corrective pattern the labels are marked as follows (W) - (X) - (Y) - (XX) - (Z). Nifty travels with in the falling channel line which is marked at (W) - (X) - (Y) - (XX) - (Z). Now we are in wave b of wave (Z) which is heading up toward 5020 – 5090 levels. And Wave b is expected to end around 5020 – 5090 levels which is 50% - 61.8% retracement level taken from the high of 5400 to 4639 levels. Once wave b of wave (z) completes, wave c of wave (z) will commence on the down side.

As per current count structure we expects, after testing 5020 – 5090 levels one more falling leg is pending for downside(Targets will be updated later). Channeling and angle lines also adding the strength to this perspective. In case of any changes in the view we will update our alternate counts.