Market Analysis With Megh Mody

 Nifty Bank daily chart Nifty Bank hourly chart From the above daily chart, Nifty Bank is currently moving in a sideways pattern at the top and also there is a distribution pattern occurring supported by negative divergence in RSI making it difficult for the index to move up further. Again just like Nifty, banking index need to break its previous lows to plunge in coming trading sessions. As per hourly chart, Prices are consolidating near the resistance of the rising channel making the index halt its positive momentum. Prices need to break the level of 28860 levels for downside to open. The index is also forming a rising wedge pattern which breaks on the downside. It is advisable to wait for the bearish breakout to occur. RSI is exhibiting negative divergence. Elliott Wave theory suggests that, Prices are forming ending diagonal pattern in wave c of wave y at one higher degree, which will open negative possibilities going ahead. Once this pattern is completed it is evident that...

Nifty daily chart Nifty hourly chart In the above daily chart, Nifty is moving in a higher highs and higher lows and it is moving precisely in a small rising channel. At present it is consolidating near the resistance of the channel, finding it difficult to move up which opens high possibility for prices to correct from current levels. Also daily RSI is all set to relieve from overbought zone. In the hourly chart, it is very evident that prices are still in uptrend, to change the trend it is imperative for the index to break the level of 12800 which will complete bearish head and shoulder pattern, thus making the index weak, also RSI is exhibiting negative divergence indicating halt in positive trend. From Waves perspective, the index is probably moving in an extracting triangle at the top (a-b-c-d-e), where wave y and wave y at one higher degree will complete. The summation is Nifty will only be in bear grip once the level of 12800 is broken decisively thus tumbling the index ti...

 Federal bank daily chart Federal bank hourly chart In the above daily chart, Federal Bank is moving in a sideways to positive direction and it is also moving in a rising channel formation which clearly indicates that the trend is firmly positive. However, RSI is relieving from the overbought terrain In the hourly chart, as far as prices persist in rising channel formation the bias continues to be positive for this banking stock. However, the positive momentum seems to take a breather which can make price move a bit sideways. There is a strong support at 51 which I think will not be broken and prices then can move up and even cross its previous high. From Waves perspective, Prices are moving in a rising wedge or ending diagonal pattern, here it has completed wave i and wave ii is ongoing. It will start wave iii up followed by wave iv and wave v which will be the termination point, thereby completing wave c at one higher degree. The summation is Federal Bank has a strong suppo...

 NTPC daily chart NTPC hourly chart From the above daily chart, stock prices are moving in a higher highs and higher lows fashion which is a positive formation. As far as there is no discontinuation of the above mentioned pattern the bias for this stock will be positive. As per hourly chart, NTPC is moving in a rising channel formation which is a positive sign. Recently it bounced from the support of the channel and is now all set to surge till its resistance. There are high chances for the stock to cross its previous high. RSI is consolidating just above the center line. Elliott Wave theory suggests that, after completing wave x at one higher degree, prices are moving in double correction pattern (a-b-c-x-a-b-c). Recently it completed wave x and is now to start second correction which is wave a, which can move above wave c of the first correction T he summation is NTPC is positively poised and can move up from current levels to test 94-95 levels with support at 89 (losing ba...

 IOC daily chart IOC hourly chart In daily chart of IOC, prices continue to move in a positive direction by crossing its previous high, this opens positive possibilities. Also it is very much possible for the stock to cross its previous high in coming weeks. However, RSI is in overbought zone and is relieving from it. From hourly chart, after making a low near to around 72, higher highs and higher lows is clearly visible. Prices are all set to cross its recent high and can move up further in coming trading sessions. With a support at 81 the stock can travel till 88-90 levels. As per wave analysis, the stock is moving in a double correction (a-b-c-x-a-b-c). Where it has completed wave a and wave b of second correction and now it is expected that wave c will open higher. The summation is IOC is all set to soar till 88-90 levels over short term with support at 81 (closing basis). Education Learn Technical Analysis in our 4 month course to help you to identify better trade setups...

 Tata Motors hourly chart From hourly chart, the auto stock continues to move in a higher high and higher low formation and it is precisely moving in a rising formation. As far as prices persist in the rising channel the bias will continue to be positive. MACD is also in a positive terrain. As per wave analysis, the stock is moving in a double correction as of now(a-b-c-x-a-b-c). Recently it completed wave x in a triangle pattern and it is all set to complete wave a of second correction after that wave b will start in the opposite direction. In short, prices are expected to move in a positive direction near till 155-158 levels with support at 144 (closing basis). Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fees for the same will be Rs. 12,000/- Elliott a...

 Gail daily chart Gail hourly chart From the above daily chart, the stock has given a bullish trend line break which was falling in nature. Also previously the stock was moving in a lower highs and lower lows but recently it protected its previous low and showing signs of cross the previous high (drawn by rising trend line). As per hourly chart, Gail reversed from 61.8% from the recent high (65.35-106.90), this is a crucial support as it is a Fibonacci number. There are high chances now that the stock will cross its previous high or can test the recent one which is placed at 106 levels. Elliott Wave theory suggests that, the entire rise followed by the fall was corrective in nature, where wave b was completed at 61.8% and now wave c has started up in which it is moving in wave iii followed by wave iv (counter trend) and wave v. The summation is Gail can move up near to 103-106 price zone from current levels with strict stop loss at around 88 (closing basis). Education Learn T...

 Canara Bank daily chart Canara Bank hourly chart In the above daily chart, Canara bank is moving below the black trend line which is falling, this clearly indicates that the trend is negative for this banking stock. Daily RSI has also reversed from the overbought zone and it is just above the level of 50. In the hourly chart, prices are moving in a sideways direction mainly in a range of 96-85. Recently it tested the upper range and is now moving down to probably test the lower range of the pattern. Hourly MACD is in negative terrain which is below the center line giving a sell signal. From Waves perspective, it seems that prices are moving in wave c after completing wave b in a flat pattern. This wave c which will be impulsive in nature will test 85-82 levels. The summation is Canara Bank is negatively poised and is all set to plunge within 85-82 price zone with resistance at 94 (closing basis). Education Learn Technical Analysis in our 4 month course to help you to ident...

 Nifty daily chart Nifty hourly chart In the daily chart, the index continues to progress as the daily candle along with weekly candle is showing strength. However, it is imperative to be cautiously positive as it is arriving near the overhead supply (marked with downward arrows). The level of 12500 is its preceding high and it is likely that profit booking can be witnessed at this level. Also daily RSI has arrived near overbought zone which suggests that no initiation of fresh long position is advisable at current juncture. As shown in hourly chart, higher highs and higher lows are still intact with prices moving in a rising channel formation. The only way to identify a reversal is to wait for important supports to break, in this case any move below 12040 will infuse selling pressure dragging it near to 11555 levels over short term. As per Wave theory, the index moved up in form of wave v which is the last leg of wave c. As of now it is ongoing but this leg has also arrived ne...

 Nifty Bank daily chart Nifty Bank hourly chart In the above daily chart, Nifty bank is moving up by crossing its previous highs and protecting its previous lows and it is moving precisely in rising channel formation. On last day of the week, the index managed to cross its channel resistance thereby indicating further upside, this is a common mistake all traders and investors do as it is also termed as overthrow. Daily RSI is in deep overbought terrain. In the hourly chart, there is a small rising channel drawn which indicates that prices are in a firm buy mode. However, on Friday the index closed near to the resistance of the channel. Whenever, prices arrived near to the resistance of the channel it has witnessed selling pressure (marked by downward arrows). From Waves perspective, the index is on the brink to complete wave v of wave c and thereby it is very much possible for prices to reverse. Price confirmation for reversal is mandatory which will also start fresh leg on the...

 L&T daily chart L&T hourly chart From the above daily chart, the stock has been moving in a sideways direction in a wide range of 1000-820 levels. As far as price persists in this range no directional move is to be seen in this stock. Recently it has reversed from the upper extreme of the range and it is now very much likely it will test the lower extreme of the range in coming trading sessions. As per hourly chart, L&T is moving up in a rising black channel, once this channel is broken on the downside bearish trend will start which will drag prices near to the support zone of the wide range mentioned above. It is imperative for prices to break 937 levels which will open bearish trend for the stock. Elliott Wave theory suggests that, after completing wave a at one higher degree, prices are moving I wave b of equivalent degree in which it is moving in a flat pattern where wave a and wave b of wave b is over and wave c of wave b has started which can move down till 8...

 JPYINR hourly chart anticipated 12th Sep 2020 JPYINR hourly chart happened 4th Nov 2020 In my previous update on JPYINR dated 12th Sep 2020, I had mentioned that, " JPYINR is all set to surge till 70.8-71.2 levels over short term any move above 72 will surpass 73 levels over medium term. The support will be at 68.5 (closing basis)." Prices as on 6th Nov is trading at 71.6 levels thereby achieving my mentioned level of 70.8-71.2 levels. I will be keenly observing this pair if it surpass 72 levels which will open further positive possibilities as mentioned above- Anticipated Happened. Here is the link of my previous article on JPYNR, click on the link to read https://www.marketanalysiswithmeghmody.com/2020/09/jpyinr-elliott-wave-analysis.html Elliott Wave theory is easy to learn but as it is more difficult to put in practice, learn with me in my one month webinar where I cover Elliott Wave and Neo Wave with practical applications. Further details are mentioned below. Elliott a...

 Nifty hourly chart anticipated on 1st Nov 2020 Nifty hourly chart happened on 5th Nov 2020 In my previous update dated 1st Nov, I had mentioned for Nifty, "S eries of events are lined up from presidential elections in US to domestic elections in India, volatility is likely to stay in coming week. It is important to stay cautiously positive for the index with strict stop loss as the index is likely to climb till 12100-12130 levels as mentioned earlier." Nifty made a high of 12100 in the early hours of trade in first weekly expiry of November series thus achieving my mentioned level- Anticipated Happened. Here is the link of the previous article on Nifty, click on it to read https://www.marketanalysiswithmeghmody.com/2020/11/nifty-elliott-wave-analysis.html Learning Elliott Wave and practically implementing s way too difficult, but in my one month webinar starting from 7th November, you can learn the theory and implement on the different asset class  with me. For further detai...

 Nifty Bank hourly chart anticipated on 10th October 2020 Nifty Bank hourly chart happened on 3rd Nov 2020 In my previous update dated on 10th October 2020, I had mentioned," Nifty Bank is all set to move till 25100-25300 price range in near term with support at 22400 (closing basis)." The Index made a surpassed the second target of 25300 thus achieving it- Anticipated Happened. The previous article link is shared, click in it to read https://www.marketanalysiswithmeghmody.com/2020/10/nifty-bank-elliott-wave-analysis.html Now many believe that the current rally in the broader markets is due to ongoing Presidential elections in US. Many also believe that if Mr. Donald Trump wins again, global equities will continue to soar. By using Elliott Wave I predicted the rally in Nifty Bank almost one month ago (link shared above). By using advance technical analysis, a firm view will be open for the trades and investors well ahead of an event. You can learn Elliott Wave and Neo Wave wi...

 UPL daily chart UPL hourly chart From the above daily chart, prices are currently hovering at cluster of supports marked by the black arrows. It seems that there can be a resilience of prices from current levels which can surge prices from current levels. The immediate resistance will be at 495-500 levels where the resistance of the channel is placed. As per hourly chart, price is moving in a lower highs and lower lows and is all set to bounce from the current level which can move till 500 and can even break the resistance. If the resistance is broken it will continue to move and can surpass 550 levels. Elliott Wave theory suggests that, prices might have completed a coercive pattern (a-b-c) where there can be five sub-waves seen. After wave c of wave b is completed prices are bounce to start wave c at one higher degree which is impulsive in nature. The summation is prices will bounce from current levels which can move up till 490-500 levels in near term with support at 435 ...

 BEL daily chart BEL hourly chart In the above daily chart, he stock is moving in a falling channel by making lower highs and lower lows, as far as prices persists in this channel the bias continues to be negative. However, there is a high possibility for prices to bounce from current levels as it is trading near the support of the channel. Daily RSI is also turning from the level of 34. In the hourly chart, prices is trading in a 45 degree angle and it is also on the brink to complete wedge pattern, once this pattern is completed there will be a sharp bounce pushing prices higher. The current resistance for this stock will be placed at 97. RSI is also exhibiting positive divergence. From Waves perspective, a corrective wave (a-b-c) is on the verge to complete starting from the top. In wave c we can see ending diagonal pattern in which it has almost completed its last leg i.e wave v where wave c will complete. After that it can start wave a or can start wave x both the probabil...

 Nifty daily chart Nifty hourly chart In the daily chart, the index persists in the rising channel formation and it currently hovering near the support of the channel. From this particular juncture it is imperative for prices to reverse which can surpass its previous highs, thus crossing cluster of resistances. However, if prices breach the rising channel, the index will slump and there will be change in trend from positive to negative. Daily RSI has relieved from overbought zone. As shown in hourly chart, there is no discontinuation of higher highs and higher lows which gives an indication that the trend is still positive. Only and only a move below 10790 (arrow marked) will change the trend. Before changing the trend there is another support level of 11300 which if broken will infuse selling pressure. RSI is changing its direction after testing the oversold terrain. As per Wave theory, the index is moving in wave c in which it competed wave i, wave ii, wave iii and currently ...