Nifty 50 - Analysis

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19 April'12- resistance Nifty @ 5342/Nifty future @ 5365

I gave resistance at 5338-5339 but it has never able to sustain above those. Now charts are suggesting that we may not see cross over of 5342. If that happens then we can see a fall in today’s trade towards 5270 and then 5241. I have already explained about the importance of 5270 and 5241 few days back.

You must keep these three figures in your mind after breakout. These figures are given with reasoning.
5338 - 50 days moving average.
5359 - 38.20% of retrenchment from top.
5379 - Previous reversal point.

As of 18 April'12 closing at 5300, it has not changed a lot of daily chart but Market can never be save if it missed at 5342. It is giving me sense that market will be soft in today’s session. I may prefer to trade SHORT on rise.

NIFTY FUTURE: As long as stay below 5365 it can be a short trade opportunity. Only cross over of 5365 will give impulsive rise towards 5400 to 5410. Chances are lesser for those opportunities.

Place Stop loss @ 5365 and short in range of 5230-5340.

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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…
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