Dec 182011
 

I am going away on a two-week holiday,this time in God’s own country – Kerala, in a resort. So here is a small New Year’s gift for my friends in India.

Elliott Wave analysis of ICICI suggests that despite the adverse news surrounding this stock, an attractive buying opportunity is not far off. However, when you go bottom fishing, you should always start small, and add as it moves your way.ICICI Bank

Larsen & Tubro stock has already come off so much that many investors must be feeling some awful pain. Unfortunately, the outlook is not all that great. The head and shoulders formation was there for all to see and Elliott Wave analysis also points to a move down to at least 835.Larsen & Tubro Ltd

Finally, I took a look at Unitech, and here too there is almost 20% left on the downside. So buyers beware!Unitech India

Happy New Year!

  42 Responses to “ICICI , L&T, and Unitech: Elliott Wave update of some popular Indian Stocks”

  1. Hi Ramki,

    Thanks for your analysis. Just yesterday, I had done my analysis for ICICI Bank. Glad to know I was on right track seeing your wave counts! :-) Only question about this is, since Wave 5 of Wave C is already @ 138.2 %, do you still expect it to retrace down to 161.8% level? I was thinking it might rebound since it has stopped at 138.2 % level. Please advise why you think so.

    I will definitely remind you about L&T because I have to buy it to average it.. :-)

    Cheers,
    Prash

  2. Advance wishes for a Happy New year to you and your family!

    Best regards,
    BJ

  3. Ramki,
    It has become a habit to look for updates on your blog.
    I guess, I am going to miss that during your holidays.
    Thank you for those interesting observations on Indian stocks
    Unitech chart looks quite intriguing with ‘completed 5 waves with in another completed 5 waves with in a completed 3rd wave that is part of still to be completed 5 th wave’.
    I think labeling like this in a such elaborate way is what differentiates men from the boys.
    Hapyy holidays.
    Satya

  4. Dear Ramky, Only yesterday did I stumble upon your site., and am starting to get the feel of an unprecedented experience , as though some sort of a treasure chest, of market knowledge, is going to be revealed to me soon.
    Best wishes for a highly satisfying new year 2012. May the God’s protection and blessings be with you during your Holidays in ‘Gods own Country’, and of course forever thereafter. With warm regards, Yours truly, Sivakumar.

  5. Thank you for these posts Sir. They are great as always. Just wanted to know your opinion of Hindalco and the sugar stocks, especially Balrampur Chinni. Hindalco seems to have done a near 5 wave decline (Wave A) so too has Balrampur which has been on a down move for quite a long time now.

    • Hello Ganesh, I am sure other members on the forum would like to try their hand at analyzing these stocks. Then you can compare notes and discuss. Unfortunately, I am unable to look at individual stocks often. Best!

  6. Hi Ramki,

    Happy new year wishes in advance. You have indeed given a good new year gift! Thank you very much. Will get glued to these levels that you have mentioned for buying! :-)

    Enjoy your vacation. I am sure you need a big long vacation to rejuvenate yourself to guide EW rookies like me in the coming year! :-)

    -Arian

  7. Hi Ramki,

    I went thro’ the daily charts of ICICI Bank and did the exercise of plotting the EW on the daily charts. As per your chart of ICICI Bank, the last close had happened at 138% line. According to your book, the possible targets of Wave C are 100%, 138.2% and 161.8%. Any particular reason, why you projected the target to be 161.8% (as of time you posted this chart)? In fact, today because of Nifty strong opening, ICICI Bank was the largest gainer and gained nearly 7+ %. Could it be that, it has bounced off the 138.2 % level or is it just a pull back rally?

    Thanks,
    Arian

    • Hi Arian, You must forgive me for not giving a direct answer, but the trusth is I express my views based on my perception of the market. Elliott Wave Analysis is as much an art as science, and with practice you will gain a rhythm. Another point is I wont remember what I have written a few days ago unless I am involved in a position myself! Going back to that chart will mean investing more time on it, and that eats away my spare time. May I recommend that you study my approach and see what happens in reality. When I go wrong, you will know what assumptions I made that went wrong.

  8. Sorry to disturb you but please let me know the last downside target of the Nifty since I am still holding short positions.
    Thanks and warm regards

    • Hi Dr Sanjay, sorry I missed your request as I was travelling. I will have to study the charts in detail to assess where we are now! An update will come soon.

  9. Dear sir,

    I am trying to buy hard copy of your book 5 ways to financial freedom in chennai. can you please guide me where will i get this book. thanks look forward to hear from you.
    chamu

  10. “Aapke naam aur kaam mai RAM HAI “,
    You doing great work in Analysis .So simply you have analysed all stock and not getting complex in Complex environment of Elliott Wave.
    Uhave kept EW theory simple to analyse as left by The Legen R n Elliott.

    Thanking You .

  11. sir,
    wish you a happy new year.
    would you sometime do an elliotwave analysis of old FMCG warhorses like HUL,ITC etc.,it would be a good educational experience for us

  12. Ramki sir,
    Happy new year to you….while you are in Kerala do make a trip to Munnar. Its fabulous.

  13. please print your all book in hindi language also.

  14. Hi Ramki,

    Wishing you a happy & prosperous new year 2012, in advance! I owe a big thanks to you for introducing & teaching us EW like nobody else did. Terrific stuff!

    I know you keep getting request from lot of your readers to review EW of specific stocks. I have only one request, that of TITAN. Only reason for this, purely academic, is there has been continuous buying that I saw in this stock from 2002 till 2008 & again resumption of buying. I tried to display & apply EW count to the daily data for this in my charting software, with little success (with occasional crashes of S/w). Hoping someday in 2012, my wish is granted! :-)

    Thanks again,
    Prash

  15. Sir,
    First happy New Year 2012 to you & your family.
    I have a basic query.
    I confess that Elliott waves counting is too complcated though it has very useful predicted properties.Wave count on daily basis is the most confusing.Thus I feel it is better to trade on larger time frame in which all correction are completed & we catch only the implusive waves up or down. Wave 1,3 & 5 for up , Wave 2 ,A & C for down. A compltete cycle may take 3-5 years. Counting on daily/weekly basis means to make some time gains & some time loose during corrective moves thus ultimately making broker rich.
    sir Do you feel this apporoch is right. If so
    How to find the length of wave 1 after the completion of ABC correction.Wave 2,3,5 have the fibonacci relationship of wave 1 but what is the relation ship of wave 1- new start of a bull market. Is it with ABC total Or just C which is the previous fall. Once wave 1 length is identified other waves becomes predictable with points & time.
    Also is it possible to find waves counts on Moving averages,
    I wish to get your book. Pl get me the link. I can pay on line from India.
    Thanks. hopes to get your reply after you get back to work.
    Regards & once again a happy new year.
    JK Pahuja

    • Hello JK Pahuja, Thanks for writing. Many of your questions are addressed in my book. To buy the book just click on the image of the cover on the right hand side of this blog and follow the instructions given in the page you land on. Good luck.

  16. Is there anyway of getting your book in printed form or the ebook on cash on delivery basis? infibeam in india has no provision for cash on delivery and i dont use any credit/debit card or net banking.wave theory is something i have never been able to comprehend and i find your approach fascinating and i am sure your book will surely help me understand it.
    also can moving averages help in confirming in which wave a scrip/index is?
    i am also looking forward to your updates on nifty.
    thanks

    • Hello Suresh, I am afraid that the book is only available in Digital format. There are lots of helpful links in the book that a printed version cannot take advantage of. Regards, Ramki

  17. Check the LT label, target of 830 i fine , but you should not label it ABC instead should label 5 waves. C wave is always 5!

    • Hello Mandeep, Thanks for the comment. I agree C should be always in 5 waves, but cant figure out where you spotted it differently in WaveTimes.

      • Hello Ramki

        * For ICICI and Unitech charts, Significant High was used as the beginning of the wave1 or waveA….and the wave counting started in 2009 or 2010
        *… for LT, that was not the case we are looking at much larger time frame
        * The labeling of the waves “S”, “H”, “S” is not clear. I couldn’t find the explanation in your book either.

        As an early student of EW, would find it useful if you please explain when we use the longer time frame and the “S”, “H”, S” labeling.

        Regards,
        –RamV

        • Hello RamV, I hope you would have realized by now that my approach to Elliott Waves is to use it for trading. So I am not going to bend over backwards in order to figure out how the left shoulder and the head of the classic HNS pattern in L&T is to be labeled. Likewise, I will not worry about what the preceding (higher) high is in the wave count. Where the count fits, I use it. Where it doesn’t, I simply use the next significant top or bottom and start counting. The key point for you to note is L&T came down a little and has rallied just as anticipated, and I continue to believe we will fail to overcome 1190.

          • Hi Ramki,

            Thanks. Now, I realize that “S”, “H”, “S” was referring to Head and shoulder pattern. I thought they were different wave labels. I should have paid more attention to your comments in the posting as well. My mistake.

            It is making sense now

            Regards,
            –RamV

  18. Sir,
    L&T at 1190..
    Can we short now…..
    Requesting your update..

    with thanks,

    Vijay

    • Hi Vijay, First of all, WaveTimes is not giving trading advice! Secondly, I wanted to be reminded if L&T came down to my buy levels, not to be reminded to short it if it reaches the resistance zone! and finally, there is resistance near 1190, and you will possibly be able to buy at better levels if you sell your stale longs near there. Just in case L&T goes directly higher, you will still be able to get it back at around current levels when you get the next round of correction.

  19. Dear sit,

    L & T has moved to 1300+, what is your opinion & further course of price…I am holding from very long…is it investment sell OR hold now…..

  20. oh my god its 100% accurate prediction now icici cross 800pts

  21. After I initially commented I seem to have clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I get four emails with the exact same comment.
    Perhaps there is a way you can remove me from that service?

    Thanks a lot!

  22. Hi Ramki,
    Sat Shri Akal

    How difficult it would be to read “Five Waves to Financial Freedom” without having prior indepth knowledge about Elliot waves.Is it mandatory to read “Prechter’s” book prior reading FWTFF?

  23. You actually make it seem so easy with your presentation but
    I find this matter to be actually something which I think I would never understand.
    It seems too complex and extremely broad for me.

    I am looking forward for your next post, I will try to get the hang of it!

  24. Simply desire to say your article is as astounding.

    The clearness in your post is just nice and i can
    assume you are an expert on this subject. Well with your permission
    allow me to grab your feed to keep updated with forthcoming
    post. Thanks a million and please keep up the rewarding work.

  25. Sir,
    I would like to draw your attention towards Unitech Ltd(BSE:507878).
    The recent rally(W1) from sub 10 level to 38 odd levels unfolded in 5 sub-wave accompanied by heavy volumes. The ensuing correction(W2), probably an a-b-c-X-a-b-c pattern(I am not sure about this) , took support at 78.6 % fibo level. Is my labeling of the waves correct ?

    • Hi Chart Reader, Sorry but I am unable to help because I get too many such requests. But if you are comfortable that you have followed all the rules and guidelines, then you will definitely be able to determine where a good place to buy will be and where to stop.Good luck

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