Market Analysis With Megh Mody

 ACC daily chart From the above daily chart of ACC, prices are moving in a higher highs and higher lows which clearly indicates that the trend is firmly positive. However, prices are moving in a distribution pattern which is known as rising wedge pattern. The pattern is accompanied by negative divergence in RSI indicating halt in positive momentum.  From Waves perspective, the stock is moving in an ending diagonal pattern which arrives in wave v. Thus opening the possibility of correction. Prices are set to dive in coming trading sessions near about 1640. Manually counting waves is difficult task, but with the help of proper application of theory put into practice you can not only count but forecast with me in my one month exclusive webinar. The webinar is all set to start from April 2021, the details are mentioned below. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in a week for around 2 hours. Th

MCX Copper continuous contract hourly chart   From hourly chart, the red metal is now moving in a lower highs and lower lows and persisting below the falling trend line which is a negative sign. At present, it is hovering near to the resistance of the trend line and can move down from there in coming trading sessions. After falling from the top, prices are now moving in a sideways direction which can be a symmetrical triangle and once there is a breakout in a triangle pattern, a clear trend can be seen. The metal can give a trending break in either side. As per Wave theory, prices completed wave a, currently I is moving in wave b which is forming a triangle pattern, this opens wave c lower. However, any move above 687 will negate the downside target and the trend will change from down to up. The summation is MCX Copper can move down till 660 levels once the level of 674 is broken accelerating selling pressure. Failure to protect the level of 687 will open positive possibilities.

 Tata Power daily chart Tata Power hourly chart As shown in the daily chart, Tata Power is moving up by crossing its previous high. To embellish, the angle of the rising channel are becoming steeper and steeper which gives an indication that the trend is becoming stronger. From hourly chart, the stock is has given a bullish break in a symmetrical triangle pattern and can move higher from current levels. However, it has arrived to the resistance of the channel, from where it has reversed several times. There are chances it might go sideways to negative but will make a new high before reversing. From Waves perspective, wave i and wave iii are equal, at present it is moving in wave v in which it is extended. Wave iii of wave v is extended and so it has either completed wave iii of wave v and wave iv lower will start followed by wave v of wave v higher. The second scenario will be wave v to extend which looks least likely, but still open. The summation is Tata Power is firmly positiv

 Nifty daily chart Nifty hourly chart From the daily chart, the index continues to move in a higher highs and higher lows and there is no change of trend. However, there are instances where prices halt and move down towards the support. On Friday, prices opened with a gap up, but could not sustain which made a red candle, thus failing to cross its previous high. This clearly indicates that correction is due. Daily RSI has exhibited negative divergence which is an indication of a halt in positive momentum. As shown in hourly chart, prices are moving in a rising wedge pattern and have given a bearish break, which is a negative sign. Any move below 14900 will slump the index till 14400 levels over short term. The pattern target comes to 14300 levels. So I think Nifty is all poised to move down in between 14400-14300 levels. As per Wave theory, the index after completing wave v at 15435 levels have started moving in corrective wave, where it completed wave a and wave b higher. This ope

 MCX Crude Oil daily chart As shown in the daily chart, MCX Crude Oil is moving in a higher highs and higher lows after moving below 0 levels. It can also be seen that, prices have moved above cluster of resistances (marked by black horizontal line). However, it is RSI which has moved in overbought terrain. Now the level of 4700 will act crucial as it will provide good support to this counter. There are high chances it will move down to test it. Any sustainable move above 4700 will take prices higher to 5000-5100 price zone over short term. Failure to protect the level of 4700 for couple of days will see some correction. From Waves perspective, the MCX Crude Oil is moving in impulse fashion. Where it has completed wave I and wave ii and it has either completed wave iii or it is still ongoing. As wave i and wave iii are equal in terms of price. The summation is MCX Crude Oil has an important support near 4700, sustainable move above this level will surge it to 5000-5100 price zone

 PNB daily chart PNB hourly chart From the daily chart, prices recently crossed its cluster of resistance and it is trading above it. Now the horizontal line which was earlier acting as a resistance will now be a support. It is very likely that it will come to test the level of 40-39 which is a good level to buy. Also there is a pattern of double bottom which is recently completed with heavy volumes. The target of the pattern comes to 50 levels for this PSU banking stock. As shown in hourly chart, the stock recently crossed its previous high thus discontinuing lower highs and lower lows and is all set to move higher from current levels. RSI has arrived near the oversold terrain and can reverse, once price starts moving higher. As per Wave theory, the stock is on the brink to complete wave (ii) of wave iii. Wave iii is extended and can move higher close to 50-52 levels over short to medium term. The summation is PNB is positively poised and can move higher from current levels near

 Tata Steel hourly chart anticipated on 6th Feb 2021 Tata Steel hourly chart happened on 1st Mar 2021 In my previous update I had mentioned about Tata Steel is, " Tata Steel is moving in a positive territory and can reach till 735-745 price zone going ahead with support at 640 (closing basis)." This article was written when the price was quoting at 685 and it reached my mentioned level of 735-745 thus gaining 9%- Anticipated Happened. To now about my previous article on Tata Steel, click on the link https://www.marketanalysiswithmeghmody.com/2021/02/tata-steel-elliott-wave-analysis.html As of now it is trading in wave 5 in which it is moving in wave iii of wave 5 and then it will move down to complete wave iv of wave 5 and then final leg of the impulse. So there is still room for prices to move higher from current levels. Wave theory is difficult to interpret and more difficult to practically apply, learn with me in my one month webinar and start practicing in my webinar. The