28Jan

Grasim Industries Stock Analysis: Indian Stocks Elliott Wave Technical Insights and Key Price Levels | Grasim stock Daily & 4H Chart

GRASIM INDUSTRIES – GRASIM Elliott Wave Analysis (1D Chart)

GRASIM 1D Chart Analysis

Grasim Industries Elliott Wave Technical Analysis

Function: Counter Trend Lower (Minor Degree Grey)

Mode: Corrective

Structure: Potential Zigzag or Impulse within Larger Degree Correction

Position: Minute Wave ((iii)) Navy

Details: A larger degree correction might be underway against the 2880 resistance level.

  • An interim low has been established near 2300 as the price pulls back.
  • Resistance is expected at the 2500–2600 range, providing a potential entry point for bearish momentum.

Invalidation Point: 2880

GRASIM Daily Chart Technical Analysis and Potential Elliott Wave Counts

The daily chart of GRASIM suggests a significant top formed around 2880 in July 2024, completing Intermediate Wave (5) Orange. Following this, the stock appears to be moving lower in an impulse wave of Minute degree.

  • Wave ((i)) and Wave ((ii)) are identified near 2510 and 2740, respectively.
  • Currently, the stock seems to be in Minute Wave ((iii)), potentially an extension wave.

For bearish dominance:

  • Prices should remain below the 2740 resistance level.
  • Alternate Scenario: A corrective phase might have ended around 2275, allowing bulls to regain control.

Grasim-Industries-In...


GRASIM INDUSTRIES – GRASIM Elliott Wave Analysis (4H Chart)

Function: Counter Trend Lower (Minor Degree Grey)

Mode: Corrective

Structure: Potential Zigzag or Impulse within Larger Degree Correction

Position: Minute Wave ((iii)) Navy

Details: A larger degree correction could be forming against the 2880 resistance level.

  • An interim low was formed around 2300, with a price pullback underway.
  • Resistance near the 2500–2600 range remains a critical zone for bearish reentry.
  • Minute Wave ((iii)) is potentially progressing lower.

Invalidation Point: 2880

GRASIM 4H Chart Technical Analysis and Potential Elliott Wave Counts

The 4H chart of GRASIM highlights subwaves within Minor Wave 3 Grey, which ended at 2487 in May 2024. Minor Wave 4 unfolded as a sharp zigzag, concluding around 2180 in June 2024. Wave 5 then surged to 2880, completing Intermediate Wave (5) Orange.

The subsequent price action:

  • A move towards 2275 formed in three waves, which could either develop as an impulse or an ((a))-((b))-((c)) correction.
  • Bears may push prices lower toward 2175, coinciding with Wave 4 of one lesser degree.

Technical Analyst: Harsh Japee

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: AXIS BANK LTD Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Grasim-Industries-In...


Conclusion

GRASIM is moving lower in Minute Wave ((iii)), targeting levels below 2175. Alternatively, a corrective decline may have concluded around 2275, opening opportunities for bullish momentum.

Related

HCL TECHNOLOGY Elliott Wave Analysis: Stock Forecast, Trading Strategy & Market Trends Using Elliott Wave Theory

HCL TECHNOLOGY Elliott Wave Analysis: Stock Forecast, Trading Strategy & Market Trends Using Elliott Wave Theory

HCL TECHNOLOGY Elliott Wave Analysis offers a detailed technical outlook on stock trends using Ellio...

Read More >
Natural Gas (NG) Trends: Navigating Elliott Wave Technical Analysis for Profitable Insights

Natural Gas (NG) Trends: Navigating Elliott Wave Technical Analysis for Profitable Insights

NG's Elliott wave analysis points to continued downside potential. Despite a recent bounce, the ...

Read More >
CIPLA Stock Analysis: Elliott Wave Forecast Reveals Corrective Wave Opportunities, Share Price Targets, and Key Trading Strategies

CIPLA Stock Analysis: Elliott Wave Forecast Reveals Corrective Wave Opportunities, Share Price Targets, and Key Trading Strategies

CIPLA’s stock trend using Elliott Wave Theory. Explore corrective wave structures, forecasted share...

Read More >
Natural Gas Commodity Market Outlook: Experiencing a Bearish Trend According to Elliott Wave Technical Analysis

Natural Gas Commodity Market Outlook: Experiencing a Bearish Trend According to Elliott Wave Technical Analysis

Natural Gas is experiencing a bearish trend according to Elliott Wave analysis, with further downsid...

Read More >
XRP Crypto Price News Today Elliott Wave Technical Analysis: XRP's Current Downtrend and Bear Momentum

XRP Crypto Price News Today Elliott Wave Technical Analysis: XRP's Current Downtrend and Bear Momentum

This analysis dives into XRPUSD Elliott Wave patterns, exploring key trends, price predictions, and ...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on