Reliance Industries has been in a contracting triangle from
past 8 years, Break of this Triangle on the upside can be a
good indication to buy and hold for long term.
Elliott Waves Terms triangle often occurs in wave 4 as complex correction.
so we can expect wave 5 to create a new ...
NIFTY is inching up to it's final resolution, completing it's 5th wave. we are very close to the reversal zone. I don't see any point taking any fresh long position, except any intraday trade. once NIFTY achieves its minimum levels, look to short the market for a sharp decline.
SBI looks to have entered into a trend reversal phase with a 5wave count which can potentially be wave 1 of a bigger wave cycle. wait for a wave 2 pullback, rs170 can be a good price to enter. holding period 1year approx.