Market Analysis With Megh Mody

 Bajaj Finserv daily chart Bajaj Finserv hourly chart As shown in daily chart, Bajaj Finserv is now moving in a sideways pattern, this pattern needs to be first identified and then traded. The simplest way to trade is to find the upper and lower extreme of the pattern. I have applied Bollinger Bands with 2 standard deviations; this is a self adjusting band which contracts and expands based on volatility. As of now the upper band is placed at 6474 and lower band is at 6084. The bands are contracting which indicates a breakout to come in near term. From hourly chart, prices are moving in a contracting triangle pattern, here there is still a breakout to come. The basic criteria of two touch points on each trend line are fulfilled. There is a possibility for prices to move down in coming week to test 6100-6060 levels which will be a buying opportunity. RSI is below 50 which is a negative sign. As per Wave theory, prices are moving in a running symmetrical pattern in which the last leg

 Nifty Daily chart Nifty hourly chart In the daily chart, prices still continue to move in a higher highs and higher lows, but what is more worrying is the candles which are now becoming smaller and smaller indicating lack of positive momentum. In my previous article I had mentioned that Nifty can go till 11600 but it will negate, though it made a high of 11460 but now there are more signs of reversal occurring on the chart. The first and foremost is a negative divergence exhibiting on RSI where prices are making new high but RSI is not.   Fibonacci Time zone which I have applied on daily chart (vertical lines) indicate that there is a high possibility of reversal, as and when index encloses to that time zone it has shown a reversal or a continuation in price action. As shown in hourly chart, the benchmark is still above the rising trend line, it is advisable to short the index once price trade below this trend line which is below 11220 levels. Once this level is breached, prices w

 DLF hourly chart anticipated on 5th August 2020 DLF hourly chart happened on 20th August 2020 In my previous update date 5th August 2020, I had mentioned that, "The summation is, DLF can rally near till 163 levels which is a minimum target, it can rally further but that can be monitored later." Anticipated Happened. Here is the link of the article, click on it  https://www.marketanalysiswithmeghmody.com/2020/08/dlf-anticipated-happened-and-elliott.html I was successful in capturing the entire upmove from 142 to 163 levels thus gaining 13 odd percent in 9 trading dys. With help of wave theory I not only understood the pattern but also was convinced with the upcoming wave. The internal structures of the recent uptrend is confusing but you all can learn this theory in my coming webinar of Elliott Wave and Neo Wave which is going to start in September. Below is the details and contact info for you all to register. Education Learn Technical Analysis in our 4 month course to help

GBPINR daily continuous fut chart GBPINR houlry continuous fut chart As per daily chart, GBPINR is moving in a higher highs and higher lows, its previous high is crossed which opens positive possibilities. Daily RSI has relieved from overbought zone and is all poised to move higher from current levels. From hourly chart, prices are moving precisely in a rising channel and recently it has bounced from the lower end of the channel which is a positive sign. Also hourly RSI is above 50 and is inching towards overbought terrain.  Wave theory analysis suggests that the currency pair is moving in wave iii in which wave (v) is pending which can go till 38.2% from the start of wave iii to wave (iv) which comes to 99.7 levels. I have marked wave i and wave ii lower which is not that compelling an so will also open wave a and wave b lower and wave c higher so in summation it can be (w-x-y) in future. The summation is GBPINR is positively poised and is all set to move highe

 Tata Motors Daily chart Tata Motors hourly chart From the above daily chart, Tata Motors continue to move in a higher highs and higher lows. Recently, this stock has also given a bullish break in cup and handle pattern. The resistance was around 120 levels which was crossed and made a high of 132.6 levels. The sell off on Friday dragged the gains and it closed at 124 levels. As per hourly chart, prices are supposed to find strong support at 120-122 levels (shown by horizontal shaded lines). After that uptrend will continue and prices are set to even cross its high of 132.6 in near term. RSI has also relieved from the over bough zone and is set to reverse soon. From wave perspective, after the triangle pattern, prices are moving in wave c which is impulse in nature. In wave c prices have completed wave i, wave ii and wave iii in an extended form. At present wave iv is ongoing which can be terminated at 120-122 levels and after that wave v higher will start. The summation is Tata

 Nifty hourly chart anticipated 9th August 2020 Nifty hourly chart happened on 11th August 2020 In my previous update dated 10 th August 2020, I had mentioned for the benchmark, “ The summation is prices are set to soar till 11342 levels with a support of 11120, a sustainable move above it will open further positive possibilities.”- Anticipated Happened. Here is the link click on it https://www.marketanalysiswithmeghmody.com/2020/08/nifty-elliott-wave-analysis.html On 11 th August, prices surpassed its previous high of 11342 and made a new high of 11377, thereby achieving my target. I had also mentioned that, if it sustains above 11342 then it will continue to be in uptrend. However, on the last trading week there was a considerable correction which dragged the index till 11116 and closed at 11178 levels. As shown in hourly chart, the benchmark is at crucial support of the rising trend line, on Friday it broke the support but closed well above it, thereby respecting it. RSI on ho

USDINR daily chart USDINR hourly chart From daily chart, the currency pair is moving down in a falling channel which is a negative sign, also it is arriving near the support of the big rising channel which is placed at 74 or even lower. RSI is also whipsawing the center line which gives no clear signals. As per hourly chart, prices are moving in a lower highs and lower lows and it has found resistance near to its previous high and is showing signs of reversal. RSI is all poised to fall from current levels and can drag price till lower end of the falling channel. Wave theory suggests, USDINR is moving in a complex correction pattern, in which second wave x and now it is all set to move lower in form of wave z which also has to be corrective in nature. The summation is prices are set to plunge in order to test the support of the falling small channel which comes to 73.8-74 levels and the resistance will be at 75.8 (closing basis). Education Learn Technical Analysis in our 4 month