Market Analysis With Megh Mody

Nifty hourly chart In the above hourly chart, prices are facing falling channel resistance, any move below 11100 will infuse selling pressure which can drag prices lower. It is likely that prices will fill the gap which was made on Friday. If the gap is filled then it will be an exhaustion gap indicating the uptrend is over.  From wave perspective, after completing wave c down near 10780 levels, the index rose 400 point in a three wave structure (a-b-c) to possibly complete counter trend. From here prices will dip near till 11050-10950 range. Once this is done next week it will be important to see if prices show signs of reversal. The summation of the above  chart is, Nifty is likely to face resistance of 11200 . Prices will dip further once the level of 11100 is taken out which can accelerate selling pressure dragging it lower till 11050-10950 range in coming short end week.

IDFC First Bank From above daily chart of IDFC First Bank, prices are moving in a higher highs and higher lows formation. The first hurdle will be around 46 levels, break of this level will infuse further buying pressure taking prices way higher. (marked with horizontal line). As per wave theory, prices are moving in an impulse fashion. It completed wave ii at 36 levels and has started wave iii. This wave iii is likely to end in-between 60-66 levels, which can be an equality or more than 100% of Fibonacci projection. The summation of the above chart is IDFC First is all set to have a dynamic move which can settle at 60-66 levels over medium term.

MCX Zinc Daily chart Anticipated on 7th July 2019 MCX Zinc Happened on 8th August 2019 In my previous update on MCX Zinc I had mentioned that, " Zinc is moving precisely in a falling blue channel. Prices recently faced the resistance of the channel and reversed. It is also on the brink to break its previous low (marked by blue horizontal line). Any break below 194 will open further negative possibilities which can drag prices way lower, near o the support of the channel. Full article here https://www.marketanalysiswithmeghmody.com/2019/07/mcx-zinc-corrective-pattern-to-unfold.html From wave perspective, prices are currently moving in wave c which seems to be elongated. This means that the subdivision of the waves within wave iii are equivalent to one higher degree. Currently prices are in wave iii in which it has completed wave iii. A pull back can take prices higher till 185-187 levels in the form of wave iv of wave iii. In short, a relief rally is expected

Berger Paints Anticipated on 5th August 2019 In the daily chart, prices are moving up by closing above its previous day high especially after making a low near 300 levels. Currently it is consolidating above the falling trend line which is a positive sign. The stock was moving in a symmetrical triangle pattern in which price has given a bullish break along with it Bollinger bands is been used which has also started expanding giving an indication that prices are now headed for the next up move. From wave perspective, the stock have completed wave b at 300 levels in a form of symmetrical triangle and is now moving higher in wave c which is impulsive in nature. Currently prices are consolidating within 330-340 levels. The summation is, the stock is positively poised and can move higher till ... levels as far as ... is protected down on.....

Nifty 60 mins chart In the above hourly chart, prices showed resilience from the support of the channel (shaded). It is likely that a short term bounce is on the cards which can surge prices higher near till 11050-11080 levels. RSI and prices are showing positive divergence, this indicates that the negative momentum can halt for a counter rally. From wave perspective, prices have completed wave c. After completing wave c next leg will start anytime soon. There are high chances that the channel resistance can also be taken out. The summation  is there is a high possibility that a gap down opening can be seen on Monday but as far as 10850 is intact on the downside, prices are expected to move in a positive direction near till 11050-11080 levels in coming week.  I have published this excerpt from "The Nifty Waves Weekly Forecast" which is a weekly update giving in-dept view of weekly, daily and 60 mins chart. The report is published on Monday before market opens. Subs

Daily spread chart Lead and Zinc has been moving in sync but from few months the correlation has been negative as Lead is moving up but zinc is failing to show strength. This can also be interpreted as Zinc is possibly forming a basing formation and is on verge to reverse the trend so that to be in tandem with the other. In short, Lead is showing strength but zinc is not, the trend for zinc can change which will make a positive correlation going ahead.

Bitcoin hourly chart Bitcoin this month till 13700 levels but it was short lived as prices then broke 10000 levels and ended in 4 digit number. However it seems that it wont go below 9000 in near term but can definitely conquer 13000 in medium term. From wave perspective, prices have completed (a-b-c) pattern in flat this can be wave a at one higher degree followed by wave b up or one correction is done and prices will resume the uptrend with wave iii higher. I am open with both possibility which suggests that prices will advance. In short 9000 is my support, as far as it is intact 13000 and above is what I am expecting.