Market Analysis With Megh Mody

 Nifty weekly chart Analysis As seen in the above chart, prices positively poised but last week it faced the resistance of 127.2% which was from highs of September 2021 till lows of June 2022. Also it is very clear that the index has formed a shooting star at the resistance of the Fibonacci which again has to be important observation. A reversal now to happen, it is important that prices need to break its previous week low of 19234 thereby opening negative possibilities.  Wave theory indicates that Nifty might have completed wave B of one higher degree at 19523 levels and can open wave C on the lower side. As of now no reversal has occurred on the charts, this can only happen once the level of 19234 is broken, which can drag prices near to 18900 levels. However, any move above 19523 will continue the uptrend. In my previous update I had mentioned that Nifty if crossed 19200 can move up towards 19350-400 levels thereby achieving my level of 19400 last week.  To read my previous article

 Bank Nifty 4 hour chart Analysis Prices are moving precisely in rising channel which is a positive sign. However, the current up move which is the impulse wave where wave 5 has come towards 38.2% from 0-3added to 4 giving an indication of a possible top. Also in the weekly chart, the index formed a gravestone doji which forms at the top giving an indication of indecision by the bulls. I think that some correction from current levels cannot be ruled out. Also the index currently holds the level of the gap which was formed during moving up. It is imperative that the index fills the gap which is placed at 44800 levels, that can open further sell off.  In my previous update I had mentioned that Bank Nifty can move higher towards 45200 once the level of 44790 is taken out and it happened what was expected.  To read my previous article click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/07/bank-nifty.html The summation Bank Nifty can move down once 44800 is tak

 Fin Nifty daily chart Analysis As seen in the above chart, prices have accelerated sharply in last two weeks but last week there was some kind of profit booking which could make the index stable at the highs. Also in the weekly chart, the index has formed a shooting star which is a negative sign. For a reversal to happen it is important for the index to breach its weekly low which is placed at 20053 levels. This will open negative possibilities for the index. Wave theory suggests that prices probably have completed wave b of higher degree and can start wave c on the lower side. Break of 20053 can drag prices towards 19800 levels over short term in form of wave i of wave c. The summation is Fin Nifty can reverse once the level of 20053 is broken which will infuse selling pressure dragging prices lower till 19800 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 BOB daily chart Analysis Prices are moving in a higher highs and higher lows but has completed five waves up which is a caution for the bulls. Also wave 5 has moved up till 38.2% from 0-3 added to 4 thereby opening the possibility of a reversal. As of no no reversal is seen but any move below 198 will open the doors for 185 followed by 170 levels. The summation is BOB is on the brink to form a top, any move below 198 will open negative possibilities which can slump price towards 185 levels followed by 170. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 Nikkei 225 daily chart Analysis As seen in the above chart, prices are consolidating near the top and it seems that none of the previous lows are taken out indicating that the trend continues to be positive. From Waves perspective, prices are moving in an impulse fashion and has completed wave 3 and currently wave 4 is ongoing or completed. With inverted hammer positioned at the bottom, prices are likely to open wave 5 higher which can go till 34000-34300 price range. The summation is Nikkei is positively poised and can go higher towards 34000-34300 price zone over short term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 ETH 4 hour chart Analysis As seen in the above chart, prices are moving in a sideways direction, this can open the possibility of triangle or some other non-triangle pattern. As of now, I have opened the possibility of triangle pattern but it will negate once the level of $2200 is taken out in this move, as wave d which I have anticipated looks to be impulse as of now. Going ahead if it becomes a corrective structure then it will be more of a running triangle pattern. The summation is ETH price is likely to remain below $2200 as it can make an attempt towards $2000 levels from here and then move down till $1750 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ

 USDINR daily chart Analysis From the above chart, prices continue to move in a higher highs and higher lows and there has been no discontinuation of the positive formation as of now. However, from past 8 months prices are moving in a stiff range of 81.50-83.00 levels with no breakout on either direction. Last week the candle was on strong footing as prices quickly recovered from the lows of 81.75-82.75 levels and closed near the weeks high which is a positive sign. There needs to be a decisive break above 83.00 levels which will open further positive possibilities for the pair to travel in the range of 84.00-85.00 levels. As per Wave theory, prices are moving in wave c of wave Z, in which it has completed wave wave 3 and wave 4 is either completed or it is still ongoing. Personally, I think wave 4 is over and wave 5 has started which can anytime move above 83.00 that can open the possibility of 84.00-85.00 levels. The summation is USDINR has high potential to cross 83.00 levels and ca