Market Analysis With Megh Mody

 Tata Chemicals 60 mins chart The above chart makes us understand that the trend is down as it is forming a lower highs and lower lows and moving precisely in a falling channel. Currently it is hovering near the resistance of the channel and soo there can be a reversal which can drag prices way lower. As per Elliott Wave, prices are moving in a corrective pattern (a-b-c) where wave a was a complex pattern and wave b was easier to identify and wave c is unfolding. This wave can lead prices to the level of 780-760 levels. The summation is Tata Chemicals is negatively poised and can falter till 780-760 levels over short to medium term.

 Deepak Nitrite 60 mins chart Deepak Nitrite was one of the stocks which had given fabulous returns in past two years. However, it seems that the upside move is halted and profit booking can be seen. Prices after making an all time high of 3016 has dipped 1808 which is 40% from ATH also it has arrived now to crucial resistance of the falling channel and there are high chances that it can falter from here. With the help of Elliott Wave Analysis, prices are bound to plunge from current levels. As per Wave analysis, prices are moving in double correction (a-b-c-x-a-b-c) where it has completed wave x in a simple zigzag and wave a on the downside has started which can go till 1800 levels or even lower than that. The summation is Deepak Nitrite can sin to the level of 1800-1750 levels over short term with the resistance placed at 2400.

 Hindalco 60 min chart As shown in the above chart, prices are moving in a lower highs and lower lows thereby breaking the rising trend line after forming a topping process or distribution process on the top. This distribution pattern is a well known pattern of traders known as Bearish Head and Shoulder pattern. The target of the pattern is the depth of the head and the right shoulder will act as a stoploss level. From Waves perspective, prices are either moving in wave a-b-c or what I have marked as impulse where wave iii is extended. Here wave iii of wave iii has started and it will continue to falter till the support of the falling channel. The summation is Hindalco is negatively poised and can plunge till 480-460 levels over short period of time.

 Nifty 60 mins chart anticipated on 4th April 2022 Nifty 60 mins chart happened on 19th April 2022 In my previous update on Nifty dated 4th April 2022. I had mentioned that, " Nifty is set to reverse only a move below 17700 is broken which will infuse selling pressure dragging it towards 17000 over short term. However, move above 18160 will continue positivity." Nifty broken the small rising channel and also broke the crucial level of 17700 levels dragging it till 16830 levels - Anticipated Happened. To view my previous article on Nifty, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/04/nifty-anticipated-happened-and-road.html As per Wave analysis, prices are moving in a double correction where after completing wave x at 18090 levels, prices have opened wave a of second correction which can sink its previous low or can come close to its previous low level. However, I think the first correction of wave a is over where I have marked wave a? a...

 GBPINR spot hourly chart In my previous update I had mentioned for GBPINR that, " GBPINR can test 99 levels but will reverse the direction to move back up till 102 levels over medium term." To view my previous article on GBPINR, click on the below link https://www.marketanalysiswithmeghmody.com/2022/03/gbpinr-anticipated-happened.html Prices plunged to 98.5 there by achieving my downside target of 99 but it is now on the brink to reverse as it can test the resistance of the falling channel- Anticipated happened As per Wave analysis, prices are moving in a Triple correction (a-b-c-x-a-b-c-x-a-b-c) where it has completed wave a of the third correction and it is all set to start wave b on the higher side which can move back up till 101.7-102 levels. The summation is GBPINR is set to bounce from the support of the channel and can test 101.7-102 levels over short period of time.

 MCX Natural Gas daily chart As shown in the above chart, prices are moving up strongly despite of  RSI in overbought terrain, normally in this situation prices are drive by heavy demand and it is likely that it will stay higher over the course of time. From Waves perspective, NG is moving in wave 5 of an impulse which is likely to be extended and can move higher towards its next resistance of 630-650 levels where 261.8% of wave 1 to wave 4 is placed. The summation is MCX Natural Gas is bound to surge till 630-650 levels over short term.

 MCX Crude Oil daily chart MCX Crude Oil is all set to rise again and can also move above its previous high as higher highs and higher lowers are intact. Secondly the shift in the angle has changed which can be verifies as it has broken the rising channel on the higher side. RSI has also relieved from the over bought terrain which is a positive sign. As per Wave Theory, prices have completed wave 4 in simple zigzag and it has started moving higher in the form of wave 5 of an impulse. Wave 1 was extended, wave 2 has not even moved below 38.2% of wave 1. Wave 3 is not 100% of wave 1 which opens the possibility that wave 3 will be shorter than wave 3. In this case, 5th wave can move up till 10000 -10200 levels over short term. The summation is MCX Crude Oil is positively poised and can move till 10,000-10,200 levels over short term