I have been analyzing NAV of Mutual Funds using our well tested Elliott wave model and it seemed to have worked out brilliantly. There are skeptics for it but I believe in proof and the back tested results confirm the validity of Elliott wave model on NAV of funds.
Below is the chart picked up from our Mutual Funds research report.
Birla Sun Life Tax Relief 96 – Growth Weekly Chart:
Birla Sun Life Tax Relief 96 is an open ended Equity Linked Saving Scheme (ELSS) with 99.09% exposure to equity.
Portfolio Analysis: The fund aims to generate returns by investing in complete equity with maximum exposure to Automotive and Banking/Finance sector.
Top Stock Holdings
Risk Profile: This fund is considered as “Risky Fund” due to complete exposure to equity instruments, it’s suitable for investors who are looking for Tax benefits.
Taxation Perspective: Birla Sun Life Tax Relief 96 is ELSS fund is where investor is eligible for tax exemptions up to 150,000 INR under section (u/s) 80C of the Indian Income Tax Act, 1961 if they stay invested for three years or more. ELSS Funds are also eligible for Long Term Capital Gains which will be treated tax free as the holding will be more than one year. The Dividend earned from ELSS funds is also treated as tax free.
Technical Perspective: Post the completion of wave 1 at the highs of 24 levels and prices formed running complex correction pattern in wave 2 which completed at the lows of 22 levels. Now wave 3 is ongoing which the strongest segment of an impulsive move. Now the outlook for this fund will continue to be positive, any pullback towards the MOVING AVERAGE line should be utilized as buying opportunity.
Investment Rationale: Birla Sun Life Tax Relief 96 fund has shown some outperformance in sync with the Indian Equity Markets. Currently it is in the beat of its trend so one should dive in this fund through SIP investments.
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