CNX CONSUMPTION has been out performing broader markets on the back of impulsive move that price has shown.
Following are the reasons for considering current rise an "Impulse"
1)Wave 2 has not retraced more then 61.8% wave A 2)Wave 2 has taken equal time as wave 1 took to form 3)No part of wave 3 has touched 0-2 trendline while its advance.(not shown here) 3)Wave 3 has extented 161.8% wave 1 4)Wave 4 has not entered wave 2 zone and it also took same time as wave 3 took to form 5)No part of wave 5 has touched 2-4 trendline. 6)Wave 5 has achieved it's equality target of wave 1.
Reason for expecting end of wave 5,along with 5 wave wave impulsive move.
1)Wave 5 has achieved it's wave 1 equality target. 2)2-4 trendline has been breached in less time then wave 5 took to form. 3)On candle-stick front we have made a clear pivot high in yesterdays trading session.
One can go short at CMP of 7325 with the stop-loss of 7460 for a target of 7070 and 6960.
Even though this index is not tradeble i have mentioned trade just to clear the analysis mentioned above,one can identify stocks from this sector with similar price behaviour and take trade accordingly.
Disclaimer:This are jsut my views on the index,no trades should be taken solely on its basis. Posting this for my future reference.