Patterns in Nifty, TataSteel, PNB, Hindalco, IDFC & RCOM

1. Nifty Spot:

In 60 mins Nifty spot chart, +ww pattern is forming. A close above 6710 for 2 hours, will trigger this pattern.

Buy above 6710, tgt 1 - 6767.10 and tgt 2 - 6861 keeping SL at 6681

2. Hindalco (60 Mins Chart)

In 60 mins chart, if prices gets resisted at 138 and comes down & break 132.05, then IHNS pattern will form. So if price resisted at 138, then
Sell Below 132, tgt 1 - 126 and tgt 2 - 117 keeping SL at 135

3. Hindalco (Daily Chart)

Rising wedge in daily charts (triggered on 30th April):
Breakdown triggered below: 136.30, Tgt 1 - 131.15, Tgt 2 - 122.80, SL - 138.90

4. PNB

Rising wedge in daily charts
Breakdown below: 783.75, Tgt 1 - 757.60, Tgt 2 - 715.30, SL - 791.10

5. IDFC

5 waves completed at 128.65 from the lows of 88. Follow the retrace for the rise from 88 to 128.65 to know the probable end of this correction.
119.06, 113.20, 108.33, 103.53, 98.73, 96.13

As suggested on 29th Apr that 115-115.85 will be ideal price to go for short. Price made high of 115.85 and then fell till 110 (6 Rs short from the target)
It has been observed that prices are falling in down channel. The fall is in 5 waves to touch lower trend-line of channel and then rise in 3 waves to touch upper trend-line of channel. The recent fall is started from 116.40 and below may be the probable count.
(i) 116.40 - 113.65 (2.75)
(ii) 113.65 - 115.85 (2.20)
(iii) 115.85 - 110 (5.85)
(iv) 110 - xxxx (follow retrace for the fall 115.85 - 110 to know end of (iv) and (iv) should not go above 113.65 => Retrace is 111.38, 112.22, 112.93, 113.62, 114.31, 114.68)
Sell between 112.50 - 113.50, tgt 107-104, keeping SL at 113.70

6. Tata Steel

5 waves completed at 432.90 from 332 as 1st of (4) wave. Now, for wave 2, correction will be in 3 waves as ABC. A might have completed at 393.25 in 5 waves. Now look for retrace for the fall from 432.90 to 393.25 to know the probable end of wave B:
402.61, 408.32, 413.08, 417.75, 422.43, 424.97
There is hammer and follow up in 60 mins chart which might give a bounce to the falling prices

After forming 'Rising Wedge' pattern and hitting its targets (417.35 and then 405), TS may form below probable patterns:
1. HNS
Neckline: 393.75 - 393.25
Shoulders - 412 - xxxx (should restrict the up-move around 411.50-413.50 where there is cluster resistances and support.
If restricted at 413 (aprx), then look for below targets on downside after breaking of 393.25:
Tgt 1 = 373.50; Tgt 2 - 353.60, keeping SL at 403.20.

2. +WW Pattern:
1 at 393.75. 2 432.90, 3 at 393.25, Point 4 and 5 is pending

7. RCOM

Breakout above 135.40, tgt 1- 139.90. tgt 2 - 147.25. SL 133.10
Breadown below 131.25, tgt 1 - 126.75, tgt 2 - 119.40, SL 133.50
Broke down below 131.25 on 29th closing and almost achieved it 2nd target on 30th.