Market Analysis With Megh Mody

 L&T daily chart L&T hourly chart From the above daily chart, the stock has been moving in a sideways direction in a wide range of 1000-820 levels. As far as price persists in this range no directional move is to be seen in this stock. Recently it has reversed from the upper extreme of the range and it is now very much likely it will test the lower extreme of the range in coming trading sessions. As per hourly chart, L&T is moving up in a rising black channel, once this channel is broken on the downside bearish trend will start which will drag prices near to the support zone of the wide range mentioned above. It is imperative for prices to break 937 levels which will open bearish trend for the stock. Elliott Wave theory suggests that, after completing wave a at one higher degree, prices are moving I wave b of equivalent degree in which it is moving in a flat pattern where wave a and wave b of wave b is over and wave c of wave b has started which can move down till 840 l

 JPYINR hourly chart anticipated 12th Sep 2020 JPYINR hourly chart happened 4th Nov 2020 In my previous update on JPYINR dated 12th Sep 2020, I had mentioned that, " JPYINR is all set to surge till 70.8-71.2 levels over short term any move above 72 will surpass 73 levels over medium term. The support will be at 68.5 (closing basis)." Prices as on 6th Nov is trading at 71.6 levels thereby achieving my mentioned level of 70.8-71.2 levels. I will be keenly observing this pair if it surpass 72 levels which will open further positive possibilities as mentioned above- Anticipated Happened. Here is the link of my previous article on JPYNR, click on the link to read https://www.marketanalysiswithmeghmody.com/2020/09/jpyinr-elliott-wave-analysis.html Elliott Wave theory is easy to learn but as it is more difficult to put in practice, learn with me in my one month webinar where I cover Elliott Wave and Neo Wave with practical applications. Further details are mentioned below. Elliott a

 Nifty hourly chart anticipated on 1st Nov 2020 Nifty hourly chart happened on 5th Nov 2020 In my previous update dated 1st Nov, I had mentioned for Nifty, "S eries of events are lined up from presidential elections in US to domestic elections in India, volatility is likely to stay in coming week. It is important to stay cautiously positive for the index with strict stop loss as the index is likely to climb till 12100-12130 levels as mentioned earlier." Nifty made a high of 12100 in the early hours of trade in first weekly expiry of November series thus achieving my mentioned level- Anticipated Happened. Here is the link of the previous article on Nifty, click on it to read https://www.marketanalysiswithmeghmody.com/2020/11/nifty-elliott-wave-analysis.html Learning Elliott Wave and practically implementing s way too difficult, but in my one month webinar starting from 7th November, you can learn the theory and implement on the different asset class  with me. For further detai

 Nifty Bank hourly chart anticipated on 10th October 2020 Nifty Bank hourly chart happened on 3rd Nov 2020 In my previous update dated on 10th October 2020, I had mentioned," Nifty Bank is all set to move till 25100-25300 price range in near term with support at 22400 (closing basis)." The Index made a surpassed the second target of 25300 thus achieving it- Anticipated Happened. The previous article link is shared, click in it to read https://www.marketanalysiswithmeghmody.com/2020/10/nifty-bank-elliott-wave-analysis.html Now many believe that the current rally in the broader markets is due to ongoing Presidential elections in US. Many also believe that if Mr. Donald Trump wins again, global equities will continue to soar. By using Elliott Wave I predicted the rally in Nifty Bank almost one month ago (link shared above). By using advance technical analysis, a firm view will be open for the trades and investors well ahead of an event. You can learn Elliott Wave and Neo Wave wi

 UPL daily chart UPL hourly chart From the above daily chart, prices are currently hovering at cluster of supports marked by the black arrows. It seems that there can be a resilience of prices from current levels which can surge prices from current levels. The immediate resistance will be at 495-500 levels where the resistance of the channel is placed. As per hourly chart, price is moving in a lower highs and lower lows and is all set to bounce from the current level which can move till 500 and can even break the resistance. If the resistance is broken it will continue to move and can surpass 550 levels. Elliott Wave theory suggests that, prices might have completed a coercive pattern (a-b-c) where there can be five sub-waves seen. After wave c of wave b is completed prices are bounce to start wave c at one higher degree which is impulsive in nature. The summation is prices will bounce from current levels which can move up till 490-500 levels in near term with support at 435 leve

 BEL daily chart BEL hourly chart In the above daily chart, he stock is moving in a falling channel by making lower highs and lower lows, as far as prices persists in this channel the bias continues to be negative. However, there is a high possibility for prices to bounce from current levels as it is trading near the support of the channel. Daily RSI is also turning from the level of 34. In the hourly chart, prices is trading in a 45 degree angle and it is also on the brink to complete wedge pattern, once this pattern is completed there will be a sharp bounce pushing prices higher. The current resistance for this stock will be placed at 97. RSI is also exhibiting positive divergence. From Waves perspective, a corrective wave (a-b-c) is on the verge to complete starting from the top. In wave c we can see ending diagonal pattern in which it has almost completed its last leg i.e wave v where wave c will complete. After that it can start wave a or can start wave x both the probabilitie

 Nifty daily chart Nifty hourly chart In the daily chart, the index persists in the rising channel formation and it currently hovering near the support of the channel. From this particular juncture it is imperative for prices to reverse which can surpass its previous highs, thus crossing cluster of resistances. However, if prices breach the rising channel, the index will slump and there will be change in trend from positive to negative. Daily RSI has relieved from overbought zone. As shown in hourly chart, there is no discontinuation of higher highs and higher lows which gives an indication that the trend is still positive. Only and only a move below 10790 (arrow marked) will change the trend. Before changing the trend there is another support level of 11300 which if broken will infuse selling pressure. RSI is changing its direction after testing the oversold terrain. As per Wave theory, the index is moving in wave c in which it competed wave i, wave ii, wave iii and currently it i