Nifty 50 - Analysis

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14 May 2012 : NIFTY : Intraday - Broken @ 4904, preparation is on for 4880 and then 4850


Nifty has broken 4904. Above is 5 min chart. 
If we take a fall from 5040 to 4906, we have some crucial resistance on recovery. One such is 4971. It has crossed on Friday for few seconds and then remains untested today. (I was expecting recovery to move beyond that to bet for any trade on long side). 
Above chart is showing that we have broken 23.60% of wave (from 5040 to 4906) and then broken 4904 in just few mins. 

Seems NIFTY is preparing to test 4880 to 4850. Only question is, will it hit today or in next few days. Remember I am saying this from long time that no pullback can sustain. No support is creating for reversal. Its so quick that recovery cannot even sustaining on intraday basis. This is showing weak undertone of the market. 

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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