Market Analysis With Megh Mody

 USDINR hourly continuous chart From the lows of 73, prices are moving in a higher highs and higher lows and it is approaching near to its important resistance placed at 75.5 levels. RSI is also on the brink to cross its center line which will be a positive sign. Wave theory suggests that prices are moving up in impulse where in it is forming wave iv in symmetrical triangle pattern, once wave iv is over prices will start wave v which can go till 75.5 levels. Also it will complete bearish flat pattern following which the pair will start shedding all its gains and will continue to move lower and its major trend is. On immediate basis, prices can test 73 levels followed by 71 The summation is USDINR can test 75.5 levels over short term followed by 73 over medium term.

 LT daily chart From the above chart, prices are persisting above the rising trend line and has also crossed its previous cluster of resistance of 1590 levels, all are suggesting that prices are firmly positive. However, RSI is in overbought zone and can relieve in near term. As per waves perspective, prices are moving up in wave v where it can move till 1660 to 1665 levels, which is 100% of wave i. Just a guideline which says it can achieve this level. However, failure to protect the level of 1450 levels will infuse selling pressure dragging prices way lower till 1300. The summation is prices can achieve 1660-1665 levels but it is better to have a support intact for this stock, which is placed at 1450 levels. Break of this level will falter price till 1300 levels.

 Tesla Daily chart As shown in the above chart of Tesla, prices have given a positive break in falling trend line. It has re-tested the trend line which is now acting as a support. There are chances it can again test it and can give whipsaw over the time, but the trend remains firmly positive for this stock. From Waves perspective, prices have completed the corrective pattern (a-b-c) in flat and is now opening another wave which will decide if it is impulse or corrective. I think it is a impulse wave and can move close enough or even surpass its previous high over medium term. The summation is Tesla stock is positively poised and can move higher near till $900 over even cross it over medium term.

 MCX Lead hourly continuous chart  As shown in the above chart, prices are moving in a sideways direction and the base metal is contracting, seen by two trend lines.  From waves perspective, prices are moving in an impulse fashion, where it has completed wave i followed by wave ii in a flat pattern and different from wave iv as wave iv is in symmetrical triangle pattern. Wave iii is longer than wave i and so wave v is pending on the upside. The summation is MCX Lead can surge till 183-185 levels once it crosses the level of 179.8 decisively.

 BEL half hourly chart From the above chart, prices are moving in a sideways direction where two trend lines are converging, thus giving an indication that prices are moving in a narrow range. The narrow range can be seen as a triangle pattern that too symmetrical one but the catch is it is running triangle.  From waves perspective, prices are moving in wave b where it has formed running triangle pattern where wave b is bigger than wave a of the pattern. This pattern is complete and prices are set to open wave c higher. The summation is prices are set to surge till 190-192 levels over short term as far as the level of 179 is intact on the downside.

 MCX Zinc hourly continuous chart anticipated on 7th July 2021 MCX Zinc hourly continuous chart happened on 9th July 2021 In my previous update on MCX Zinc dated 7th July, I had mentioned that, " Zinc is in positive terrain and can move higher from current levels till 244-245 levels over short to medium term." Prices did not reach till 244-245 levels but it made a high of 243.6 which was close to my mentioned level. Also it was achieved in a very short span of time- two trading sessions. Here is the link of my previous article on MCX Zinc dated 7th July 2021 https://www.marketanalysiswithmeghmody.com/2021/07/mcx-zinc-elliott-wave-analysis.html The best part of this chat is prices formed Neo wave diametric pattern in wave b which I anticipated that it was a flat pattern. Neo wave Diametric Pattern comprises of seven legs (a-b-c-d-e-f-g) and then wave c is clearly seen, which was anticipated by me.

 Tata Steel daily chart anticipated on 30th June 2021 Tata Steel daily chart happened on 12th July 2021 In my previous update on Tata Steel dated 30th June 2021, I had mentioned that " Tata steel is positively poised and can move higher from current levels and can test 1250 levels followed by 1280 levels over short term." Today prices opened at 1254 levels thus achieving my first target for the steel stock thus, gaining 6.30% in span of 7 trading sessions - Anticipated Happened. To read the previous article on Tata Steel click on the the below link https://www.marketanalysiswithmeghmody.com/2021/06/tata-steel-elliott-wave-analysis.html Now my second target is still pending which can be achieved in coming trading sessions thus completing wave (iii) followed b wave (iv) and wave (v), thus completing wave v in extension within extension. I will monitor this stock and keep updating, but one thing is sure that the stock still has upside left.