Market Analysis With Megh Mody

Nifty Bank daily chart Nifty bank hourly chart In the above daily chart, the index is now failing to cross 23100 levels which is now a resistance zone. Prices continue to move in an upward channel where it has arrived to its resistance and is now showing signs of reversal. Daily RSI which is on the lower panel of the chart is also reversing from the overbought terrain.    As shown in hourly chart, Bank index happens to arrive near cluster of resistances. The first resistance is where the rising channel is placed, the second is the rising wedge pattern which is on the brink to complete, any move below 22000 will infuse selling pressure dragging it way lower near to the support of the channel. As per Wave theory, prices have come to 100% of wave a to wave b where it has completed wave c in ending diagonal formation. Any move below 22000 will give a bearish break of the pattern and will drag prices till 20500-20200 range. This down move can be labeled as wave x or one higher degree of

Hindalco Weekly chart Prices which were moving in  a falling channel and broke below it has now finally re-entered the channel, this opens positive possibilities. As per wave theory, prices faltered in a three wave structure which was complex esp. at the earlier correction. Later on it was clear and completed wave c near to 100% of wave a to wave b. As of now it is moving in impulse fashion in which there is still room for it to move a bit higher before starting wave ii lower. Learn Elliott Wave with me in my one month webinar course, scheduled twice a week for two hours and learn theory and practical applications with me. The fees for the same will be Rs. 10500/- for registration call +919324174580.

Tata Motors Daily chart Tata motors is one of the under performer in sync with its peers, but off lately there is a pattern which is in process to complete which will open positive signals atleast for short to medium term for this auto stock. Yes, I am talking about rounding bottom and/or cup and handle, but this pattern is still not complete, no doubt it took over 35-40 trading sessions just to build it but it is not complete. Once this pattern is complete it has brilliant chance to surge till 175 levels over short to medium term (again I am not discussing it). You can learn Technical Analysis/ Advance Technical Analysis with me, below is the mentioned details: Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Technical Analysis is a 4 month course both classroom training and webinar available

Motherson Sumi hourly chart Anticipated Motherson Sumi hourly chart Happened In my previous update I had mentioned that, Motherson Sumi if crosses   85 levels will give bullish break which can surge the price near till 100-105." Anticipated Happened I have been clear that it was moving in symmetrical triangle pattern and the breakout is likely to come in the north which it had and surged till 100 and crossed it too. I am sharing my earlier article on Motherson Sumi Link here click on it https://www.marketanalysiswithmeghmody.com/2020/05/motherson-sumi-elliott-wave-forecast.html Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inqu

USDINR daily continuous contract USDINR is now consolidating in a tight range of 76.1 and 75.00, this one rupee range is going to decide the upcoming trend for the currency pair. As per wave theory, prices after completing wave (v) at 77 levels, it moved lower and completed wave a, thereafter it is in the process of forming wave b which seems to be complex correction ans last leg of wave b is on going which can test near to or 76 levels. Once this leg is over, USDINR will plunge near to 74.5 and then 74 levels. The summation is, USDINR is not expected to move above 76.25 and as a result the overhead supply will drag prices near to 74.5-74 levels over short term. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Classroom training and webinars both are available. If you reside in Mumbai, classroo

In the above daily chart, the index has not crossed its previous high as compared to Nifty, this index is likely to cross the level of 21980 levels which will infuse buying pressure soring prices near to its next resistance. Daily RSI is above the center line which is a positive sign for the index. As shown in hourly chart, prices has relieved from the overbought zone so that there can be resumption of the intermediate trend. The next resistance which prices can face is 22600 and if it crosses this level comfortably, then can move till 23000.  As per Wave theory, it can move till 23000 which is 100% of wave a to wave b. This opens wave c higher as wave a and wave b lower is completed and wave c has started. The summation is, the bias is firmly positive for this index as it can move till 22600 followed by 23000 in near term, with support at 20400 levels. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a

As per hourly chart, prices are moving down by breaking its previous low which is a negative sign. It is possible that it will break the level of 44750 which will infuse selling pressure dragging prices near till 43000. From Wave theory, Gold might have completed wave b of wave iv and wave c lower is on the brink which can drag till 43000 levels. The summation is, prices are all set to crack in near term with support at 43000 once the level of 44750 is broken. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.