In continuation with the previous posts on Nifty, there seems to be a good long opportunity to new highs now with a great reward to risk ratio. I'm holding all previous longs too with an SL of 8670.
If it breaks the lower trendline (and SL gets hit) then will be looking for going long later or shorting as per the trend then.
This is in continuation of the previous update.
Nifty seems to have completed a flat pattern. So long positions can be carried forward for newer highs. Newer longs can also be added. The down move shouldn't go below 8839.
It seems that Ashok Leyland has completed a Flat pattern with an extended c wave (c=1.618*a). It can be longed with a small SL of yesterday low for new highs. Further confirmation would be above the UTL.
Bharti Airtel could have completed a Flat pattern with wave c extension. I was expecting the up move to start at 333 in case of a regular flat (link attached). A move below the end of wave c would negate the setup and hence could be used as SL.
Apollo Tyres (along with other tyre stocks) seems bullish in the long term as it's broken out of it's corrective downtrend channel. Earlier I'd posted updates only for MRF (links attached), but both Apollo Tyres and CEAT can be bought too with targets above their all time highs (and SL as their June/Jan 2016 low).
Nifty IT is the only index that has not started any strong up move till now. A move above the 0-B trendline could kick off it's uptrend following which some IT stocks (like HCL) can be bought too.
A strong up move should start soon as we're already near 76% retracement. Otherwise it could make a new low negating this setup.
The Nifty uptrend continues. The 1st target of 8770 is achieved.
It's just that the structure formed is slightly different than the one shown earlier (previous ideas links attached). The updated one is shown in the chart. However, SLs and targets remain the same. Now, the SL is 8540 (from 8515). Any pullback can be bought at the fib retracement levels of the...
MRF has broken out of a high degree downtrend and is consolidating above the UTL (of the entire move down). Any move above the UTL (of the current consolidation) could be a good entry point for holding it till a target to new highs. This is in continuation of the previous post on MRF, in case that was missed (link attached).
The fib levels would act as support. So...