Market Analysis With Megh Mody

 Tata Motors hourly chart Anticipated on 15th August 2020 Tata Motors hourly chart Happened on 26th August 2020 In my previous update dated 15th August 2020, I had mentioned, " Tata Motors will find support at 120-122 levels which can be utilized as a buying opportunity with support at 114 (closing basis). On the upside that stock can test 134-136 levels." Today it surpassed 134-136 zone thus Anticipated Happened. Here is the link of my previous article of Tata Motors click on it https://www.marketanalysiswithmeghmody.com/2020/08/tata-motors-elliott-wave-analysis.html I was very clear that prices will take support at 122-120 price zone which was earlier acting as a crucial resistance, once this level was taken out  it will now act as a support (polarity reversal). Also I had mentioned that it will be a buying opportunity with stop of 114 (closing basis). The stock never went below 120 and from that level it achieved my target of price zone 134-136, thus gaining 13% in 7 tradi

 USDINR hourly fut chart anticipated on 9th August 2020 USDINR hourly fut chart happened on 24th August 2020 In my previous article dated 9th August I had mentioned that, "P rices 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)." - Anticipated Happened Today it made a low of 74.0250 in futures which was close to my mentioned target, I was bearish from 75.13. Here is the link of my previous article, click on it. https://www.marketanalysiswithmeghmody.com/2020/08/usdinr-elliott-wave-analysis In the afternoon, the Fiance minister announced a relief by exempting business upto 40 lakh annual turnover from GST, after that many Fundamental Analyst became bearish, but Elliott Wave with combination of Technical tools were giving bearish signal in the start of the month. I had anticipated that wave x after second correction was over and so wave z will come down to test the lower

 MCX Lead daily continuous chart MCX Lead hourly continuous chart As per daily chart, MCX Lead is trading above the rising trend line which is a positive sign. There is a crucial support of 150 for the base metal. Only a move below this level will infuse selling pressure which can drag prices way lower. As far as it is trading above this trend line the bias is positive. However, RSI is exhibiting negative divergence which is a cautious sign. From hourly chart, higher highs and higher lows are intact and recently it has come down to re-test the trend line support. Moreover none of the previous lows are taken out which makes this metal strong to move back up. From Waves perspective, prices are either moving in an impulse fashion or it is in (a-b-c) pattern, in both the scenarios the bias is positive. The internal structures indicate that prices are moving in wave v of iii/c in which it is extended. As far as 150 is intact on the downside wave v of wave iii/c is set to soar near till

 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