QUICK UPDATE- Balrampur Chini and Future Retail

TICKER: BALRAMCHIN

Since the post on Balrampur Chini  on Aug, 23rd, the stock has been performing well. Things are looking up on the stock's chart. The price action recently gave a pull back after closing above the 100 day EMA for 3 consecutive days. The pull back found support at the 50 day EMA and soon enough bounced back piercing the 100 day EMA level of 77.05 and closing at 77.65. The stock has again open with a strong gap up today morning. 

All the conditions for calling the current trend an Uptrend on this chart are ticking off. 

• The stock is making higher-highs and higher-lows
• The important Moving averages have been breached.
• Volume is picking up on the up-days
• RSI has shown range shift. It has not breached the level of 40 corresponding to the recent price lows which indicates a strong momentum build-up in my opinion.

A snapshot of the chart as on day is presented below and you will be able to observe all of this on this chart. 

For a more detailed analysis of this stock, you can follow this link here to the original post. 

Balrampur Chini (Daily) captured on 6-9-18. Pull back and continuation

 TICKER: FRETAIL

Our next follow up is on Future Retail.

As we mentioned in our post on future retail on Aug 27th, another leg of upside appears to have begun. The breakaway gap has not been filled (yet). Here again, we can observe a pullback and a subsequent bounce on the dachart. The price turned lower after touching a high of 589.50 and took support at the cluster of 35, 50 and 100 day EMA after which it bounced back yesterday and gave a comfortable closing above the previous high. 

It is a great business and promoters are proven entrepreneurs. Not just that, the Indian retail space is a booming sector and Future Retail is one of the strongest players and hence one of the biggest benefitters. For a more details analysis I request you read the original post here.

Future Retail (Daily), captured on 6-9-18. A trend forming

That's all from my end! Please follow my blog and fill in your email ID to get my next post directly in your inbox. I would love to hear from you guys. Use the contact form to reach out to me!

As a disclaimer, this isn't a stock recommendation.

Another disclaimer: I am not long on Future Retail but I am invested in Balrampur Chini.

A warning: Anyone investing in either stocks based on this article will be doing so at their own risk. Please be responsible.

You can reach me at kchamaria1993@gmail.com for the analysis of other stocks (NSE, NYSE, LSE as long as there is a chart), commodities or currencies, I will try my best to respond.

Until next time, Adios! :D

NIFTY headed for deeper water!

"MARKET KYA LAG RAHA HAI?"--- This is the most repeated question of the year 2015 following the 9116.95 high on 04th March 2015. 

Below is an attempt to answer this question.

The market is clearly in a correction(for the better) . It is being said the Indian Economy will take over China in leading Global growth. I believe its true. But does that imply that the Indian market indices are invincible? Nope!

What is begun, has to end. The correction which is underway will see completion.

Below is a detailed Elliot Analysis of Nifty.

The Primary bull run that started from September 2013(~5200) ended on March 2015(~9100) registered a rise of nearly 4000 points. This rise encapsulated the proper 5 waves structure as laid out by Sir R.N.Elliot. 

NIFTY SPOT Daily Chart , Dated- 28th August 2015. Elliot count on Nifty.

I am pinning on the 7200 level because of the following reasons:

      1.7200 level is the level of wave ii 3 [3] as highlighted by the ellipse on the chart below.

      2. A ~50% Fibonacci of the entire primary wave gives us the level of 7150 .

      3. There is always a Fibonacci relation between the lengths of Wave A and Wave C. Wave A was exactly 1180 points (9120-7940) . I'm expecting Wave C be 1460 points long. That is 1180 x 123.60%(a Fibonacci level) = 1458.48. So from the level of 8655(previous high), 8655-1460=7195.

NIFTY SPOT, Daily Chart, dated: 28/08/2015. Showing Elliot breakup. 

   

Such clustering of evidence around 7200 add weight-age to the level. 

Below is a breakup of the corrective Wave A-B-C reflecting Nifty at its current level of resistance which is exactly 61.8% of the the Wave 1 so far into the primary Wave C.  

NIFTY SPOT 4H Chart dated- 28/08/2015. Fibbonacci Levels and Elliot Wave analysis

Few levels taken for the analysis maybe off by 10-20pnts. But in my understanding they do not hamper the reliability of the Elliot and Fibonacci tools. It would be very interesting to note than ever since Nifty has hit the 9000 high, the RSI indicator has evidently undergone a range shift. Early the indicator would cross the 70 mark and stay shy of 40, but at 9000, the indicator did not pass above 60 and also broke the 40 mark to take support at 30 several times. 

These elements help in judging the pulse of the market and are crucial for analysis.

Thank you reading. 

Please feel free to comment on the analysis.

Anyone seeking detailed analysis on any security , preferably stock/currency/commodity, may email me their requirements at kchamaria1993@gmail.com. I'll try my best to help you with my analysis.