Nifty 50 - Analysis

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NIFTY : 24 April (Intraday update)



5183 - Broken???

Yes, it has but not sustained. At this kind of levels, I always give some time. Have a look at 5 min intraday chart of NIFTY given above. 

Quoting from morning updates, 

"For today,once again keep an eye on 5183.There will be multiple trading supports in the down side.Like 5170 > 5150 > 5135& then 5080"

When we were @ resistance of 5339 (at that time it was 50 Dma), it has reacted like this with high at 5342. 
I am using dip to cover my short. 


Whats the trading resistance?
Take in a simple way - 38% (of 5342.50 to 5180.50)  rise from 5180.35 = 5241

As long as 5200-5180 kind of levels holds, it will be a ranging market.  I am sure that I have to book one loss when market will enter in a trend. 
As I am trading with small stoploss so my management will save me at that time. 
Do watch - Infosys, recovering from 2198 low. 

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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