26 august intra day calls

STRONG BUYS:

GNFC for a target of 109
ARVIND MILLS for a target of 144
ONGC for a target of 1032 then 1045
CAN bank for a target of 245 then 247
HINDALCO for at arget of 160
REL for a target of 615 then 625 then 648
ANDHRA bank for a target of 105
M&M for a target of 380

NIFTY FUTURES for a target of 2550

sorry no options call for now

cheers and enjoy trading

SF

hi,
why rel 615. I am new to f&o pls. elaborate

REL - Reliance Energy

Nifty was already around 2550 last close !

What shud the SL be ?

Alok

Dear Mr.Stockfreak

Can you please give the TA chart for REL?

Sorry guys, i am really buzy these days.

an update
ONGC reached first target

HOLD ON TO THE REST they will reach the specified targets

.really sorry , i got heavy time constraints now.

SF

Arvind Mills is going for 90. I am posting my chart for it.

Will anyone please tell me, how can i start my own thread here? thanks in advance,

Durgesh

Attached Images

Arvind Mills.JPG (39.7 KB, 27 views)

Nice one durgesh..........keep em coming!

Saint

Hi Durgesh...it's great to see new members on board with new ideas.
Welcome.

I'm sure you are well aware of the rules laid out by Elliott for the study of his theory, nevertheless here is some material for benefit of anyone interested:

Form what I know of Elliott's Waves, the most basic pattern is a structure consisting of 5 waves. Three of the five waves are directional and known as Trend waves. These trend waves are separated by two interruptions that are counter trend and referred to as Retracement waves. and of the five waves, the three trend waves are called 1, 3, and 5. The two retracement waves are called 2 and 4. Each trend wave has a 5 sub-wave structure and each retracement wave has a 3 sub-wave structure. Each wave is just a member of a larger structure, and conversely each wave can be subdivided into waves of a lesser degree.

1) Trend waves subdivide into 5 waves.
2) Retracement waves subdivide into 3 waves.
3) Wave 2 never retraces more than 100% of wave 1.
4) Wave 4 never retraces more than 100% of wave 3.
5) Wave 3 always exceeds the price level of wave 1.
6) Wave 3 is often the longest and never the shortest of waves 1, 3, and 5.
7) When wave 5 does not exceed the price level of wave 3, it could lead to a condition called a Bull or Bear Market Failure, and gives warning of underlying weakness or strength in the market.
8) A Trend wave may form a diagonal triangle pattern, or wedge shape, still containing 5 sub-waves.
9) A retracement wave may form a horizontal triangle pattern, and these may have 5 or more sub-waves.
10) If wave 2 is a sharp retracement, then expect wave 4 to be a sideways correction, and vice versa.
11) Lines drawn to form a parallel trend channel often mark the upper and lower boundaries of the waves. Drawing a trend line using points 1 and 3 may forecast the end of wave 5 when waves 1 and 3 are normal.


Noting point 7 above, we are now seeing the 5th wave in Arvind where the factor of Bear Market Failure is quite alive. From weekly and daily charts, Arvind has support at 101 tested again recently, and 105. At 110 off tonight with a jump in volume, there should be caution of the 5th wave failure, if it takes 112-114 and sustain it.

Great to have you at Traderji!

Thats really great !!! You have pretty good knowledge of the wave theory.As far as your view on truncated fifth ( failed five ) is concerned , i donot agree.
its surely going down.just a difference of opinion.