Market Analysis With Megh Mody

 Tata Steel 60 mins chart anticipated on 13th April 2022 Tata Steel 60 mins chart happened on 23rd May 2022 In my previous update in Tata Steel, I had mentioned that, " Tata Steel is negatively poised and can plunge near till 1070 levels over short term." The stock plunged below the crucial support of 1070 thereby achieving my mentioned level of 1070, gaining 19.36% - Anticipated Happened To view my previous article on Tata Steel, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/tata-steel-elliott-wave-analysis.html Tata Steel has technically broken crucial supports and it is in stealth downdrend now, any rise can be utilized as a selling opportunity. From waves perspective, either five waves are over or third wave is extended, I believe in the latter one which will open further downside in this metal stock. The summation is Tata Steel will continue to dip an can reach 820-800 levels over very short term.

MCX COPPER 60 mins chart MCX COPPER is in downtrend as it persists in falling channel. However, the red metal has shown resilience from the support of the channel where it gave a bullish break in falling wedge pattern. As per Wave theory, prices completed corrective pattern (a-b-c) which was a simple zigzag. After ending diagonal pattern in the last leg of wave c prices can move up either in the form of wave x or a new high can be made. It is early to say that and so I have come to a conclusion that it will reach to the early resistance. The summation is MCX COPPER will surge till 790-795 levels over short term.

UADINR Daily chart As shown in the daily chart, prices are facing resistance of 138.2% of Fibonacci retracement 77 to 72.3. Also at the top, the pair has formed a distribution pattern which is rising wedge. However there is no bearish break confirmed by the price. From Waves perspective, prices are moving in a irregular flat pattern and has completed wave b. This will now start wave c lower plummeting it towards 75.5 levels. The summation is USDINR can reverse anytime soon plunging till 75.5 over medium term.

 Nifty 60 mins chart anticipated on 19th April 2022 Nifty 60 mins chart happened on 11th May 2022 In my previous update, I had mentioned, " Nifty can bounce from current levels near till 17200-17400 levels and then it will move back down towards 16200-16000 levels over short to medium term." Nifty bounced and reached the level of 17400 levels from the level of 16800 levels thereby achieving my mentioned level of 17200-17400 levels (highlighted in blue) and from there the index plunged below 16000 levels, thus achieving the levels below (highlighted in yellow) - Anticipated Happened To view my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/nifty-anticipated-happened-and-elliott.html Prices are at crucial stage as it has arrived near very strong support but at the same time it is early to catch the reversal from here. I will be monitoring the move and update you timely.

 Nifty Bank 60 mins chart anticipated on 3rd April 2022 Nifty Bank 60 mins chart happened on 6th May 2022 In my previous update I had mentioned that, "  Nifty Bank will dip till 35000 over short term as far as the level of 38300 is intact on the upside." The index plunged below 35000 yesterday thus achieving my above mentioned level - Anticipated happened. To view my previous article on Bank Nifty, click on the link below https://www.marketanalysiswithmeghmody.com/2022/04/bank-nifty-anticipated-happened-and_9.html Now since Nifty and Bank Nifty both are negatively poised, Nifty bank is suppose to dip further towards the support of the falling channel. However, RSI is in oversold terrain. As per Wave analysis, prices are moving in second correction after wave x. the current ongoing wave a has opened wave c on the downside which can test 32000 or even go lower over short term. The summation is Nifty Bank is firmly negative and can sink towards 32000 over short period of time.

Hindalco 60 mins chart anticipated on 22nd April 2022  Hindalco 60 mins chart happened on 5th May 2022 In my previous update, I had mentioned, " Hindalco is negatively poised and can plunge till 480-460 levels over short period of time." The metal stock plunged after completing the bearish head and shoulder pattern and arrived towards my level of 480-460 - Anticipated happened. To view my previous article on Hindalco, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/hindalco-bearish-head-and-shoulder.html Prices are moving in an impulse fashion in which it is moving in wave iii, this current wave is extension and can further falter with some counter trends taking shape in between. The fall will drag prices towards 445 to 430 levels to complete the impulse wave. The summation is Hindalco is all set to crack further towards 445-430 levels in near term.