Cipla Elliott Wave perspective

Cipla seems to have completed a multi month correction pattern A-B-C at the low of 457.45 in May 2016. If this low holds in the upcoming days, then this view is valid.

Further on it is going up in 5 wave pattern so far. It may face resistance near 546 range. That is where this minor 5 wave pattern is expected to complete its 5th wave. The correction pattern that will commence from then on wards will give important clues on the future days. If that correction can hold itself to any price above 457.45 then the next set of 5 waves for the major 3rd wave will commence. Well for now we will be watching this closely.

Cipla daily chart:

United Spirits Limited possibly completed a triangle formation in daily chart

A triangle observation in USL (United Spirits Limited) in daily chart. If the low observed ysterday 2360 +/- 30 points is maintained then this may see nearly 300 points up move. The overall structure seems to be like a-b-c correction for the entire fall.

Daily chart of USL

Nifty intrady observation 12-07-2016

On a daily 9 RSI chart Nifty appears to be forming a -ve divergence. Now we need to observer hourly chart.

On the hourly 9 RSI chart also we can see it is ready to form -ve divergence if market closes below 8500 at 10am and then starts come down from that point. Now let us observe 5 min chart.

In a 5 min chart Nifty appears to have formed a 5 wave up move starting from 8288 to 8503.45. A breaking of 8443 which is the end of 4th wave will confirm this. Or breaking of 80% of the up mvoe from 8443 to 8503 at 8455 will give clues to this view.

On the contrary a move above 8503.45 will negate this view.

Inlfation Trends

Nifty 29-03-2016

Nifty 24-03-2016

Nifty intra day update 23-03-2016

Nifty intra day update:
Nifty seems to be doing a FLAT correction from
7713-7644 = a
7644-7727 = b
7727-76xx = c

This view gets negated with a move above 7727 or a deep correction beyond 7540.

I'm planning to take a long position
1. A move past 7730 OR
2. Near 7640 with 20 points SL.

Nifty spot 5 min chart that I'm tracking: