Market Analysis With Megh Mody

 BHEL daily chart anticipated on 28th Feb 2021 BHEL daily chart anticipated happened on 6th May 2021 In my previous article dated 28th Feb 2021, I had mentioned, " BHEL is in stealth uptrend and expect it to move till 58-60 levels over short to medium term, with support at 40 levels (closing basis)." The stock moved as expected in past two months and eventually achieved my level of 58-60 on 6th May 2021- Anticipated Happened. Here is the link of my previous article on BHEL, click on the link https://www.marketanalysiswithmeghmody.com/2021/02/bhel-elliott-wave-analysis-and.html Medium to long term forecasting is a challenge but you can learn this with me in my one month webinar, 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. This theory can be applied on all free floating markets. In this course learn from basic to advance and th

 Nifty Bank hourly chart As shown in the above hourly chart of Nifty Bank, it is very clear that prices are facing the resistance of the falling channel. On the last trading day of the previous week, the index failed to cross the resistance of the channel and as a result selling pressure intensified, faltering the index by over 2.7%. Now it will be difficult for the index to move above 34400 levels and as a result it can move down near to the support of the falling channel. The immediate resistance will be 33535 levels, the bias will be firmly negative for the index. As per wave theory, I think the index is moving down in simple zigzag, where wave a was an impulse fall followed by wave b which is at 50% of wave a and I am now expecting wave c lower which can fall till 61.8% of wave a to wave b, which comes to 29800-29700 levels. The summation is Nifty Bank is facing resistance at 33535 levels, as far as this level holds the index can slump till 29800-29700 levels over short term.

 Nifty daily chart Nifty hourly chart From the above daily chart, Nifty is moving in a falling channel and has reversed on the last day of the week slumping over 1.7%, down by 263 points. This is very evident as it has reversed from the resistance of the falling channel. As per candle stick pattern, it formed an evening star, which is a bearish reversal pattern. Daily RSI has closed below the center line which is a negative sign. In hourly chart, prices are moving in a lower highs and lower lows formation which indicates that the trend is negative. Also after reversing from 15000 levels, it will now act as a crucial resistance. It is likely that prices will plunge near to the support of the channel which needs to break its previous low of 14150 levels. From Waves perspective, the index is moving in a double correction where after wave x it has formed wave a at 14250 followed by wave b at 15085 and now it will start the last leg which is wave c of double correction which can falter

 MCX Gold hourly continuous chart anticipated on 11th Apr 2021 MCX Gold hourly continuous chart anticipated happened on 21st Apr 2021 I had mentioned earlier for MCX Gold that it can move higher from current levels on 11th April 2021. In that article I wrote, " MCX Gold has a support level placed at 46000-45700 levels which can be utilized as a buying opportunity for the level of 48100 over short to medium term." The yellow metal could not test the mentioned support but achieved the target level- Anticipated Happened. Here is the link of the previous article of MCX Gold written on 11th April, click on the link https://www.marketanalysiswithmeghmody.com/2021/04/mcx-gold-elliott-wave-analysis.html Now it is difficult to know whether the trend will reverse or there will be resumption of the short term trend.  The answer to this question can be derived by combining technical tools along with advance technical analysis. You can learn both Technical Analysis along with Elliott Wave

 MCX Silver daily continuous chart MCX Silver hourly continuous chart From the above daily chart, MCX Silver has come out from negative formation and has started moving in a higher highs and higher lows formation. The overall formation is sideways and it is likely that it will move higher from current levels to reach its resistance of this sideways pattern. RSI is above the center line which is a positive sign. In hourly chart, prices have given a bullish break in a falling wedge pattern, which is a positive sign. It is also sustaining above the pattern and can move higher by surpassing its cluster of resistance placed at 76000-77000 levels. However, RSI is in overbought terrain and can relieve going ahead. From Waves perspective, the bullion is moving in a running flat pattern (3-3-5) where wave b has retraced between 80-100% of wave a and wave c has ended in an ending diagonal pattern. Also wave c has failed by not moving below the low of wave a. This concludes that there will be

 Nifty hourly chart anticipated on 29th March 2021 Nifty hourly chart happened on 8th April 2021 In my previous update on 29th March about Nifty, I had mentioned, " Nifty has a strong support at 14100-14000 levels, as far as it is intact prices are likely to soar till 14800-15000 price range in short term." The index bounced from the support and achieved my level of 14800-15000 levels as it marked a high of 14986- Anticipated Happened. Here is the link of my previous article on Nifty where I had anticipated the rise, click on the link to view the article. https://www.marketanalysiswithmeghmody.com/2021/03/nifty-elliott-wave-analysis_29.html It is very clear that prices are moving in double correction pattern (a-b-c-x-a-b-c), it completed wave x an has started moving down in form of wave a (second correction). Wave a is still ongoing and can tumble near to 14000-13800 price range. Learning Elliott Wave is difficult but practicing with learning is a simple but efficient process

 MCX Gold daily continuous chart MCX Gold hourly continuous chart From the above daily chart, the yellow metal is moving in lower highs and lower lows and it is precisely moving in a falling channel. From past one week, there is resilience from the lower end of the falling channel. To understand it clearly, I have applied Keltner channels. In the chart, the bands have started changing the direction from negative to positive and prices are above the bands, which is a positive sign. There is a high possibility for prices now to test the resistance of the channel. However, RSI is close to the overbought terrain. In hourly chart, after giving a bullish break in a small falling channel, prices continue to soar and can also surge going ahead. However, there are chances for a minor correction in this counter which can drag prices near to 46000-45700 price zone. Once there is a correction, prices are bound to climb back. From Waves perspective, gold is either moving in wave x or in wave i