Market Analysis With Megh Mody

 Nifty 60 mins chart anticipated on 19th April 2022 Nifty 60 mins chart happened on 11th May 2022 In my previous update, I had mentioned, " Nifty can bounce from current levels near till 17200-17400 levels and then it will move back down towards 16200-16000 levels over short to medium term." Nifty bounced and reached the level of 17400 levels from the level of 16800 levels thereby achieving my mentioned level of 17200-17400 levels (highlighted in blue) and from there the index plunged below 16000 levels, thus achieving the levels below (highlighted in yellow) - Anticipated Happened To view my previous article on Nifty, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/nifty-anticipated-happened-and-elliott.html Prices are at crucial stage as it has arrived near very strong support but at the same time it is early to catch the reversal from here. I will be monitoring the move and update you timely.

 Nifty Bank 60 mins chart anticipated on 3rd April 2022 Nifty Bank 60 mins chart happened on 6th May 2022 In my previous update I had mentioned that, "  Nifty Bank will dip till 35000 over short term as far as the level of 38300 is intact on the upside." The index plunged below 35000 yesterday thus achieving my above mentioned level - Anticipated happened. To view my previous article on Bank Nifty, click on the link below https://www.marketanalysiswithmeghmody.com/2022/04/bank-nifty-anticipated-happened-and_9.html Now since Nifty and Bank Nifty both are negatively poised, Nifty bank is suppose to dip further towards the support of the falling channel. However, RSI is in oversold terrain. As per Wave analysis, prices are moving in second correction after wave x. the current ongoing wave a has opened wave c on the downside which can test 32000 or even go lower over short term. The summation is Nifty Bank is firmly negative and can sink towards 32000 over short period of time.

Hindalco 60 mins chart anticipated on 22nd April 2022  Hindalco 60 mins chart happened on 5th May 2022 In my previous update, I had mentioned, " Hindalco is negatively poised and can plunge till 480-460 levels over short period of time." The metal stock plunged after completing the bearish head and shoulder pattern and arrived towards my level of 480-460 - Anticipated happened. To view my previous article on Hindalco, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/hindalco-bearish-head-and-shoulder.html Prices are moving in an impulse fashion in which it is moving in wave iii, this current wave is extension and can further falter with some counter trends taking shape in between. The fall will drag prices towards 445 to 430 levels to complete the impulse wave. The summation is Hindalco is all set to crack further towards 445-430 levels in near term.

 Tata Chemicals 60 mins chart The above chart makes us understand that the trend is down as it is forming a lower highs and lower lows and moving precisely in a falling channel. Currently it is hovering near the resistance of the channel and soo there can be a reversal which can drag prices way lower. As per Elliott Wave, prices are moving in a corrective pattern (a-b-c) where wave a was a complex pattern and wave b was easier to identify and wave c is unfolding. This wave can lead prices to the level of 780-760 levels. The summation is Tata Chemicals is negatively poised and can falter till 780-760 levels over short to medium term.

 Deepak Nitrite 60 mins chart Deepak Nitrite was one of the stocks which had given fabulous returns in past two years. However, it seems that the upside move is halted and profit booking can be seen. Prices after making an all time high of 3016 has dipped 1808 which is 40% from ATH also it has arrived now to crucial resistance of the falling channel and there are high chances that it can falter from here. With the help of Elliott Wave Analysis, prices are bound to plunge from current levels. As per Wave analysis, prices are moving in double correction (a-b-c-x-a-b-c) where it has completed wave x in a simple zigzag and wave a on the downside has started which can go till 1800 levels or even lower than that. The summation is Deepak Nitrite can sin to the level of 1800-1750 levels over short term with the resistance placed at 2400.

 Hindalco 60 min chart As shown in the above chart, prices are moving in a lower highs and lower lows thereby breaking the rising trend line after forming a topping process or distribution process on the top. This distribution pattern is a well known pattern of traders known as Bearish Head and Shoulder pattern. The target of the pattern is the depth of the head and the right shoulder will act as a stoploss level. From Waves perspective, prices are either moving in wave a-b-c or what I have marked as impulse where wave iii is extended. Here wave iii of wave iii has started and it will continue to falter till the support of the falling channel. The summation is Hindalco is negatively poised and can plunge till 480-460 levels over short period of time.

 Nifty 60 mins chart anticipated on 4th April 2022 Nifty 60 mins chart happened on 19th April 2022 In my previous update on Nifty dated 4th April 2022. I had mentioned that, " Nifty is set to reverse only a move below 17700 is broken which will infuse selling pressure dragging it towards 17000 over short term. However, move above 18160 will continue positivity." Nifty broken the small rising channel and also broke the crucial level of 17700 levels dragging it till 16830 levels - Anticipated Happened. To view my previous article on Nifty, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/04/nifty-anticipated-happened-and-road.html As per Wave analysis, prices are moving in a double correction where after completing wave x at 18090 levels, prices have opened wave a of second correction which can sink its previous low or can come close to its previous low level. However, I think the first correction of wave a is over where I have marked wave a? a