Again in my quick Facebook page update, on 8th April 2016, with the help of my Gann and Elliott Wave Analysis,I updated my view on Ajanta Pharma to trade around 1600 by 15th May, while it was trading @1465 on 8th April 2016.
Result- Price target was achieved, however Time Target was off by 2 days.
View the original post on my page.- https://www.facebook.com/Learn-Elliott-Waves-Gann-299034886964403/
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IF you remember I updated on 4th of January 2016, that as per my Elliot Waves andGann Analysis there will be a panic decline of at least 25% in four stocks namely M&M finance (Mahindra and Mahindra Finance), IDBI Bank, NCC (Nagarjuna Construction Company) and Andhra Bank . I was in such a hurry to share that I just quickly updated my prediction on my website and forgot. What happened after that?
As per my Gann analysis, M&M finance declined from 246 to 195, decline of 20%
As per my Gann analysis, IDBI Bank declined from 92 to 55, decline of more than 40%
As per my Gann analysis, NCC declined from 77 to 59, decline of 25%
As per my Gann analysis, Andhra Bank declined from 65 to 50, a decline of 25%
This is how I traded M&M finance 220 Strike Put, bought three lots @ 1Rs, 1.25Rs an 1.45Rs on three different days. average buying cost was around 1.25Rs. and I exited from 17 to 19Rs (15 Times) This is how the power of 20-25% movement be utilized by selecting a option strike that will become IN-the-Money in coming days. This can happen in positional trading only. My friends traded in IDBI 80 Strike PUT by entering @ 90 Paise, I suggested them to exit at 5 Rs , while that PUT became 25Rs (nearly 26 Times). Also, our Andhra Bank Puts which we bought at 25 Paise (55 Strike) became 5 Rs (20 Times).
What a Bang!! after our last update it was clearly mentioned Bank Nifty(spot) to face severe Resistance @ 16265-16382 it made High Exactly to our analysis we have already in 800pts profit in same position it just doesn't get better than this at all.
Hi Friends, In my previous post I mentioned about the Diagonal in Nifty. As mentioned Nifty tested 7777, however failed to close above the Resistance. After forming a Doji Satr on Daily and Hanging man on Weekly Chart Nifty started declining this week. Today it dropped sharply post RBI Policy and formed Bearish Engulfing candlestick pattern; which is an Indication of Reversal.
The current Rise in Nifty might be a Leading Diagonal in Wave 1 of New Bull Market or just an 'X' Wave of the year long Bear Market. Nifty has not yet given a Breakout of the Channel Resistance. So there is no strong evidence to conclude this Rise as Start of Bull.