The following article is written by Waves Strategy Advisors Pvt. Ltd. that publish equity, commodity and currency research reports. For subscribing daily equity research report that shows Nifty movement and stocks which gives good opportunities you can visit www.wavesstrategy.com or write to helpdesk@wavesstrategy.com
There has been news everywhere that the DLF shares have been falling on back of the fresh land scam
By anti corruption reformist Arvind Kejriwal.
Business Today mentioned that, “DLF shares on Wednesday fell over 4 per cent after ArvindKerijwal leveled fresh allegations about the company's nexus with Robert Vadra andHaryana state government”
If stocks moved after the news were announced everyone would act on news and would benefit from it. But if news would have been driving the prices than equity markets would not have rallied over past 2 weeks with so much of political uncertainty, inflation, slowing growth and negative news from global markets. We at Waves Strategy use Elliott wave theory and other technical tools to identify the price movement and forecast where it is headed. News or events produce only short term spikes and the major trend then resumes.
The below chart of DLF clearly shows that prices were at very strong resistance of 250 levels. This level was taken out only once in February 2012 which was also a flase breakout. We can clearly observe that prices have been constantly failing to move above 250 since July 2011 and has turned down towards 175 everytime it reached this strong resistance level.
This time as well prices have failed to take out 250 and started moving down strongly.
Our earnest advise to our readers is not to act on news but to stay ahead of the crowd and see price patterns and Elliott Wave to see where prices are headed from short to long term. Trading based on news is very subjective and not always logical.
For more information on various products that can help you take calculated and systematic trading decisions write to us on helpdesk@wavesstrategy.com
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