Nifty 50 - Analysis

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Nifty : 11 May 2012 (Intraday update :Support emerging at 4904)


Nifty has broken 4913 but saved 4904. I am long on NIFTY FUT. 
We have few reasons. 
1. On 17 January, when we had seen a gap up then it has formed a low only at 4904. 
2. This is very important to understand. Above is 5 min chart which is covering fall from 5125 to 4906 i.e till now. Focus on rise from 4988 to 5125. if we assume that it was a up wave then we have 1.618% retrenchment coming at 4905. 

Hence, I am trading long although my view for short term may remains bearish. 

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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