Nifty - Elliott wave analysis - 5th wave Nifty index is done what expected as in earlier update and now it is forming 4th subwave of 5th wave and will be ready for new high on next two trading session. It can either end the current cycle as 5th wave or it can even extend it by further subdividing more upside, which will depends up on the next degree correction. The current target will be 16400-16500 zone in next week.
Sensex
Reliance - Elliott wave analysis - C of ABC flat pattern It is already in 3rd of C wave down as the part of flat correction, where 2nd subwave is in progress and expecting small bounce before it resume the further downside. It should remain below 2134 to confirm the count in current corrective bounce. But if it crosses above 2134, then it can form expanded flat 2nd subwave of C.
Britannia - Elliott wave Analysis - C of ABC zigzag It is in 2nd subwave correction of C wave of (Y) wave down as discussed in earlier update. Any three wave bounce up between 3530-3630 zone will be good short sell trading opportunity for next move down as C wave as far as it remains below 3707 as invalidation level.