Nifty 50 - Analysis

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NIFTY: 30 May 2012: It is a failure of 5040 in the expected second half. So we may see dip for today or may be till Friday.


You must read previous articles and watch above chart carefully to understand this article completely.

I have already stated the fall may begin from yesterday’s second half. Most important is that we remain away from 5040 resistance levels. I have stated this few days back too that recovery from 4789 should come above 5000 but fail near 5040.
It exactly moved in that manner.

We need to note few important point of this recovery.
  • Why have I said that 5040 may not cross? This I am saying from the day we recovered from 4789.
Reason – Make a count of 50% of down wave from 5279 to 4789. It ended @ 5034. (I do not want to force you to believe me. Believe the study).

You can note that I put the 5 wave count beginning from 5279 only and end up the 5th wave at 4789. (All levels were successfully predicted before they hit).

Now we were in a-b-c corrective up wave.

I am not expecting any big dip right now. It will depend on the magnitude of fall today. Look at time cycle. We had 13 days of fall and then 8 days of rise. (13 and 8 are Fibonacci numbers). Up coming down cycle may have a life of 1, 2, 3 or maximum 5 days. I will update more about the same in my intraday analysis or tomorrow.

You can take few important resistances for today.
Starting with 4998 < 5021 < 5034 < 5040

Important supports will be as following –
Starting with 4956 < mild @ 4928 < 4889 (May not break)

SGX NIFTY is indicating a gap down opening with 25- 30 points. Suppose if we break 4956 on NIFTY spot then fall may continue.

Depending on market condition we will release intraday updates too. Till that time, you can post your views also so that I can present better result for you. Intraday posts are available on www.viecapital.com only.

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Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889 


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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