Nifty 50 - Analysis

Home

17 APRIL 2012 -NIFTY TECHNICAL VIEWS - watch range 5241 - 5183

We have RBI monetary policy review today and so nothing can be said in term of direction. As said yesterday, "Short only if Nifty spend time below 5185". It has not spend time below those levels and bounces. I am sure that you would have taken some advantage.

My study remains same.
"Short only if Nifty sustain below 5185-5183 levels". A threshold of lower side is constantly drifting lower with small margin. Initially it was at 5193 > 5191 > 5183.So this is going to be very crucial zone of support.

Take a note that break below 5185-5183 should guide us towards 5103-5090 levels. Rate cut or no rate cut, sooner or later, those has to come.

On higher side if Nifty sustain above 5241 then only it can be a buy. Have look on above chart. 5240 is the impulsive low of Friday's trading session. Cross over should take us towards 76.40% retrechment which is at 5278 levels.

(Note - retrechment is not a simple study. You must know which wave is going to retreched at which time).
I have no trading position as of now. Do take a note that FIIs were on sell side yesterday with massive qty.

Read www.viecapital.com for stocks views.
Follow us on twitter for intraday updates. Id - viecapital
Thanks & Regards,
Praveen Kumar

I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
NextGen Digital... Welcome to WhatsApp chat
Howdy! How can we help you today?
Type here...