Karnataka Bank

Thought of checking Karnataka Bank chart after reading the announcement from the Bank management on the 1:2 rights issue at Rs. 70/- share on Friday 05-08-2016. The date for the issue is still not announced.
Monthly chart:

Weekly chart:

Daily chart:

Daily chart with fibonacci retracement levels:

Bharat Forge hourly chart

Bharat forge has completed 5 waves as a leading triangle and completed wave 1/A (near 790).
Then it is correcting in a-b-c form. Currently it seems to be in the final leg of the correction in wave 'c'. This may complete near 700 range. This view gets negated if the price goes below 680. This can be kept as stop loss if long is initiated.

Bharat forge hourly chart:

ITC in the major 5th wave which will consume a year or two to complete

ITC seems to have a primary degree 5th wave which may consume few month to years to complete.

ITC daily charts:

Atul Auto - Triangle support is near

Atul auto is forming a triangle of which (if valid) a-b-c-d are done and the final leg 'e' is in progress. This is almost near the support line. The invalidation of this will be breaking the 'c' low near 420 range. So this will be a low risk entry point with stop loss near 418.

Atul auto daily chart:

Sun Pharma daily chart - will it face resistance here or will it be a breakout?

Sun Pharma is near the resistance line. If it moves past and sustains then it will be a breakout with which it can move closer to 900 range.


Sun Pharma daily chart:

TCS daily chart looking ahead for a breakout or going to face resistance?

TCS got resisted multiple times earlier at the running line. Currently TCS is near this line, will it be able to surpass it easy this time?

TCS daily chart:

Aurobindo Pharma 22-07-2016

News in business-standard.com : Hyderabad-based Aurobindo Pharmaceuticals is planning to raise funds via a share sale to fund the acquisition of Israel-based Teva Pharmaceutical’s European assets, if its bid is accepted by this month. More here:

Now let us look at the chart of Aurobindo Pharmaceuticals. It appears it had completed a massive up move which topped around 892 region. Then followed a clear 5 wave down move (as per Elliott Wave analysis). This down move can be marked as either A or 1. Then we saw a up move 830 region. Again a minor correction in the form of clear a-b-c wave. Again a up move has commenced. The overall structure appears like a corrective up move for the fall from 892 to 580 region. If yes then this upmove may face resistance near 870 to 900 region and next set of down move may start. Will it happen this way?

Daily chart of Aurobindo Pharmaceuticals: