Update : Apple & Google

Is Nifty Headed for 7500 ??

In our earlier post  July 21, 2015, we had indicated the possibility of Nifty retesting the recent lows made during June.

Click here for the post :  http://eqtrend.blogspot.com/2015/07/nifty-to-retest-recent-lows.html

Nifty has panned out exactly as anticipated except that the it did not retrace to 8800-8900 levels, which we had assumed, based on the trend position. Nifty lost significant strength achieved during the up move quite rapidly and only managed to touch  8643 levels which is  61.8% retracement of the entire down move from  9072 to 7949.

With the A-B-C correction playing out, wave B seems to have been completed at 8643 and we are witnessing wave C down which may target 7500 levels in a five leg down pattern. However, in the event of Nifty crossing above 8643, the setup may be negated and Nifty may resume its upward journey.

With adverse news flow  on the political front and weakening of INR, the FII's may press the sell button, which may lead to Nifty breaking some significant support levels in a rapid down move.

Nifty Weekly

Fly Jet Airways !!

Jet Airways  has been in a strong up move ending its bearish phase with sudden reversal with huge volumes.
In our earlier posts, we failed to judge the quick trend change, mistaking it to a usual bounce in a strong downtrend.

However, a closing above the weekly 20EMA  at Rs. 350 has confirmed the long term trend change simultaneous with the formation of inverse H&S  and breakout above its neckline at Rs. 350 with rising volumes.The stock now has a pattern target of Rs. 480.

The stock is presently highly overbought and likely to retrace, which will be an appropriate time to enter longs using TTO crossover signal.

 

Earlier post :

http://eqtrend.blogspot.com/2015/06/jet-airways-avoid.html