Indian Equity markets have been moving in subdued market environment from last 2 trading sessions.
Neither it’s going up nor down. In this kind of environment
one has to be ready with quick trading strategies to ride the short term trend.
“The Financial Waves Short Term
Update” covers Nifty and 3 stocks with applied Elliott wave counts and
important levels. Recently we were able to capture the down move of BHEL and
part of the same is shown below:
60 mins chart: (Anticipated in the morning of 20th March 2015)
60 mins chart: (Happened on 24th March 2015)
research published in the morning of 20th March 2015)
BHEL is one
of the stocks from Capital Goods sector which has been continuously struggling near the zone of 295-300 levels.
Even in the start of February 2015 prices were unable to continue the up move beyond
300 levels and post that reversed on downside sharply towards 255 levels. From
medium term perspective, as long as
mentioned resistance zone is intact on upside trend will remain negative.
As shown in
60 mins chart, as per Elliott wave perspective, in the end of November 2014
prices completed intermediate wave (V) at the level of 285 and post that double
correction pattern is in formation. As per this wave counts, now close below 251 level will indicate that
minor wave (b) of second standard correction completed and next leg on downside
has started in form of minor wave (c). On upside 262 level will act as crucial
In short, trend is negative with the resistance of
262. Close below 251 will take prices towards 245 levels.
moved in line with our expectation and made a low at 234 levels on 24th
March 2015. So now what to expect next? Still more panic is left?
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