Indian markets have shown sharp upside reversal last week. This has resulted into strong positive movement in many of the stocks.
In today’s morning equity research report we have mentioned, “…Impulsive waves increase the predictability and are better to capture the trends as against corrective moves……..Daily RSI shows a double bottom formation and reversed exactly from the 30 levels. Similar to Nifty many of the stocks also re-entered their breakout area and reversed sharply higher. The overall breadth of the market also improved and strong positive participation was seen from stocks that have been heavily beaten down in the downtrend. Each of the major sub-indices closed positive…. We should start seeing more and more participation from Smallcap and Midcap space over next few days which have been the serious victims of the recent selloff”
The above is a brief part picked up from the morning report. We have also shown charts along with Elliott wave counts, other technical studies for stocks like Axis Bank, ONGC, HDIL…
HDIL 120 mins chart: Published today morning before markets opened
Happened today as of 12 pm:
Wave Analysis:
Today morning we mentioned that “As seen in daily chart of HDIL chart (shown in report), in the month of May 2013 prices moved lower exactly from the resistance of 65 and made low of 30 recently. Yesterday, prices broke the small wedge pattern on upside and closed on positive note.
As per wave theory, prices were moving lower in the form of wave a of 2ndcorrection. Momentum indicator RSI exhibits the strong positive divergence. This indicates that minute wave v of wave a might have completed near 30 levels and it has started the next leg on upside in the form of wave b. In short, as long as 34 level is intact on downside our favored view is positive and prices can head higher towards …….
HDIL stock had been up by more than 12% at one point of time in today’s trading session itself.
Nifty has probably started an impulsive move on upside which is a rare thing. The equity research report “The Financial Waves” short term update gives a clear direction and crucial levels till where we can expect this up move to last using Elliott wave theory combined with many other studies. For more information visit www.wavesstrategy.com write to us at helpdesk@wavesstrategy.com or call us at +91 22 28831358 / +91 9920422202
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