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...