Market Analysis With Megh Mody

 Canara Bank daily chart Canara Bank hourly chart In the above daily chart, Canara bank is moving below the black trend line which is falling, this clearly indicates that the trend is negative for this banking stock. Daily RSI has also reversed from the overbought zone and it is just above the level of 50. In the hourly chart, prices are moving in a sideways direction mainly in a range of 96-85. Recently it tested the upper range and is now moving down to probably test the lower range of the pattern. Hourly MACD is in negative terrain which is below the center line giving a sell signal. From Waves perspective, it seems that prices are moving in wave c after completing wave b in a flat pattern. This wave c which will be impulsive in nature will test 85-82 levels. The summation is Canara Bank is negatively poised and is all set to plunge within 85-82 price zone with resistance at 94 (closing basis). Education Learn Technical Analysis in our 4 month course to help you to identify

 Nifty daily chart Nifty hourly chart In the daily chart, the index continues to progress as the daily candle along with weekly candle is showing strength. However, it is imperative to be cautiously positive as it is arriving near the overhead supply (marked with downward arrows). The level of 12500 is its preceding high and it is likely that profit booking can be witnessed at this level. Also daily RSI has arrived near overbought zone which suggests that no initiation of fresh long position is advisable at current juncture. As shown in hourly chart, higher highs and higher lows are still intact with prices moving in a rising channel formation. The only way to identify a reversal is to wait for important supports to break, in this case any move below 12040 will infuse selling pressure dragging it near to 11555 levels over short term. As per Wave theory, the index moved up in form of wave v which is the last leg of wave c. As of now it is ongoing but this leg has also arrived near t

 Nifty Bank daily chart Nifty Bank hourly chart In the above daily chart, Nifty bank is moving up by crossing its previous highs and protecting its previous lows and it is moving precisely in rising channel formation. On last day of the week, the index managed to cross its channel resistance thereby indicating further upside, this is a common mistake all traders and investors do as it is also termed as overthrow. Daily RSI is in deep overbought terrain. In the hourly chart, there is a small rising channel drawn which indicates that prices are in a firm buy mode. However, on Friday the index closed near to the resistance of the channel. Whenever, prices arrived near to the resistance of the channel it has witnessed selling pressure (marked by downward arrows). From Waves perspective, the index is on the brink to complete wave v of wave c and thereby it is very much possible for prices to reverse. Price confirmation for reversal is mandatory which will also start fresh leg on the dow

 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