Begining of an Impulsive Wave.

With Nifty Spot breaching the high of 11 Nov. which was at 5016.90, though narrowly, it sure seems like its the begining of another impulsive wave.

All the indicators namely, RSI, Stochastics, Williams %, on EOD charts are in the positive terrain, except for MacdH, which indicates that it may be at its peak. Thus, we may witness some kind of narrow range bound trading in the coming week, followed by an upward rally.

On weekly basis, it seems like the indicators are ready to give positive divergences, supported by volumes. More importantly, with the week ending on positive note, a swing low on weekly chart is confirmed, which again suggests a further positive run.

Individual stock-wise, for the coming week, I believe, that ONGC and Axis bank look extremely positive. Above 1211.50, Ongc may test or even surpass its prev swing high of 1277.

Axis bank may test 1035 level once again. Also, if Axis Bank manaages to surpass 1055, which seems very likely as of now looking at its weekly chart, it will give a postive breakout of a 6 month old trendline on the weekly charts. Above 1055, Axis bank may rally upward sharply to test its 52-week high of 1291, or even surpass it.

Happy Investing !!









Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.