Market Analysis With Megh Mody

 Tata Motors hourly chart anticipated on 10th Jan 2021 Tata Motors hourly chart happened on 11th Jan 2021 In my previous update dated 10th Jan 2021, I had mentioned for the auto stock, " Tata Motors is all set to climb near till 215-220 levels with support placed at 187 (closing basis)." Prices were up by over 11% on a single day to reach my mentioned level of 215-220, as it marked a high of 225 and closed at 220 levels- Anticipated Happened. Here is the link of Tata Motors anticipated article, click on it https://www.marketanalysiswithmeghmody.com/2021/01/tata-motors-elliott-wave-analysis.html From wave perspective, I had said that wave i is equal to wave iii and so there is a high possibility for wave v to be equal or extended. As of now it is equal to its previous impulse, I will be monitoring the characteristic of the last impulse wave to come with a conclusion and timely will update. Wave theory and application is way too different from each other, all you can do is lear

 Hindalco hourly chart anticipated on 27th Dec 2020 Hindalco hourly chart happened on 7th January 2021 In my previous update on Hindalco, I had mentioned that, " Hindalco if crossed 256 levels will soar it till 272 levels which is the minimum criteria, any move above this level will open further positive possibilities." Prices crossed the resistance of 256 and achieved my mentioned level of 272, thus gaining 6%- Anticipated Happened. Here is the link of my previous article on Hindalco, click on it. https://www.marketanalysiswithmeghmody.com/2020/12/hindalco-elliott-wave-analysis.html As of now it seems that there is still more room for the the steel stock as it is moving in wave 3 and will now or might have started wave 4 down. Once that is completed, prices will start wave 5 higher. Learn Elliott Wave with me in my one month webinar to forecast price with precision. The details are given below. Education Learn Technical Analysis in our 4 month course to help you to identif

 Tata Motors daily chart Tata Motors hourly chart As per daily chart, prices are moving in a rising black channel and it is currently trading near the resistance of the channel. However, it is least likely for prices to falter as it is trading above the resistance and can move higher from current levels. Daily RSI is near 70 but can move up near till 80 where it has reversed several times. From hourly chart, the auto stock has recently crossed its previous high and it is all set to move in a higher highs and higher lows as none of the previous lows are breached. RSI has relieved from the overbought zone, making room for it to move back up. As per Wave theory, prices are moving in wave v of wave c. The impulse waves, which is wave i and wave iii are equal as per Fibonacci retracements, this means that wave v will either be equal or extended. If it is equal then it can go till 220 levels which will be the first target. The summation is Tata Motors is all set to climb near till 215-

 Nifty Bank daily chart Nifty Bank hourly chart In the above daily chart, the index is consolidating at the top which indicates that it digesting the recent gains, once it is done prices will resume the major trend. I have applied Keltner channels on the index which shows that, prices are above the upper band which is a positive sign. Daily MACD is positively poised as it is above the center line and also there is a fresh buy signal for the index. In the hourly chart, higher highs and higher lows are intact, prices are hovering near its previous all time high placed at 32640. It is very much likely that it will cross its previous high and will make a new all time high. As far as prices are persisting above the rising trend line, the bias will continue to be positive for the index. RSI has relieved from the overbought terrain and is all set to move back up. From Waves perspective, prices are moving in wave v of wave c in which it is moving in wave (iii). This wave v can atleast go t

 USDINR daily fut continuous chart From the above daily chart of USDINR, prices after making a high of 77, continues to move in a falling channel. This clearly suggests that the pair is negatively poised for short term. However, the pair has arrived near crucial support of 73.  If this level breaks, then there will be massive sell off dragging it till 72.6, which will be its next support. Breach of 72.6 will again open further selling which will eventually force me to change my wave count. As of now I have plotted impulsive wave in which at present the fall which is going on is wave iv. Any move above 74.5 will open positive possibilities soaring prices near to 77 levels. Break of above mentioned supports will force me to label corrective structure (a-b-c).  On 1st Feb 2021, we have the financial budget coming in which can make this pair volatile and can expect dynamic moves. Be cautious!!

 Nifty daily chart Nifty hourly chart anticipated on 28th Dec 2020 Nifty hourly chart happened on 31st Dec 2020 In my previous update on Nifty dated 28 th Dec 2020, I had mentioned that, “ Nifty needs to move above 13780 levels which will accelerate further buying soaring it will 14000 levels” The index crossed the level of 13780 decisively and cleared all the hurdles soaring till my mentioned level of 14000 on the last expiry of the year- Anticipated Happened. Click on the link to view the previous article https://www.marketanalysiswithmeghmody.com/2020/12/nifty-elliott-wave-analysis.html In the above daily chart, I have observed a repetitive cycle (marked by blue boxes). This observation was done by combining Keltner channels along with percentage increase in price. So every time when price retraces the lower end of the Keltner channels, it then surged by over 20% on an average. This also opens the possibility that the recent fall which tested the lower end of the channel can so

 Hindalco daily chart Hindalco hourly chart From the above daily chart, the metal stock is moving higher by crossing its previous high and it is also positively poised. Recently it has bounced from the lower Bollinger Band which is actually acting as a support. As far as prices are above the lower Bollinger Band prices are expected to cross its previous high which is placed at 256 levels. As per hourly chart, prices corrected after a dynamic move which also made RSI to move down near to the oversold terrain. Also it is important that 256 is crossed decisively which will open further positive possibilities. Elliott Wave theory suggests that, prices are currently moving in wave iii at one higher degree. At present prices have not moved up till 100% of wave i to wave ii (one higher degree), this means there is a possibility for the stock to move till 272 levels (minimum). T he summation is Hindalco if crossed 256 levels will soar it till 272 levels which is the minimum criteria, any