NIFTY ELIOTT WAVE COUNT

NIFTY IS AMIDST A 4TH WAVE TRIANGLE -  Waves a, b, c, d seem to be done. A rally is likely to materialise in the next two trading days. A move to 5600 or beyond seems very much on the cards. This move above 5600 would result in a throwover (false breakout) which would constitute wave e to complete the 4th wave. A fall to 5200 or possibly lower would then transpire. However, if the Nifty closes above 5700 on the rally, the bearish count may have to be revisite

Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.

ABG SHIP- CMP: 363

RECOMMENDATION - BUY AT CMP

TARGET - 415 , TIME -T +14 DAYS

=> A breakout of the downward sloping trendline.

=>Resilience during the recent market fall.

=> Even on weeklies, the previous significant peak was unchallanged which is distinctly not the case with other mid cap stocks.

The positive view stands intact as long as the stock trades above 348 on a closing basis. Below this level, the perceived higher top and higher bottom formation would cease to exist and hence long positions would not be warranted.

Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.

ASIAN PAINTS (CMP: 2572)

RECOMMENDATION - BUY AT CMP

TARGET - 2975 (TIME - 2 MONTHS), 3420 (TIME-6MONTHS)

=> The stock was one of the strongest performers in bull run that began in 08-09.

=> The fall in stock has been docile during the corrective spree in the market since 3 odd months

=> Active participation in the rise and relative dormancy during market falls establishes its internal strength.

=>  Break of downward sloping trendline probably hints at the formation of a bottom.

The positive view stands intact as long as the stock trades above 2440on a closing basis. Below this level, the perceived higher top and higher bottom formation would cease to exist and hence long positions would not be warranted.

Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.

AMBUJA CEMENT (CMP:128)

RECOMMENDATION - BUY AT CMP

TARGET - 148 , TIME - 2 MONTHS

=> The downtrend seems to be arrested with the formation of a higher top and higher bottom formation.

=> A breakout of the downward sloping trendline.

=> Positive Divergence on RSI

The positive view stands intact as long as the stock trades above 119 on a closing basis. Below this level, the perceived higher top and higher bottom formation would cease to exist and hence long positions would not be warranted.

Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.