06 June 2012 : NIFTY : As long as it hold 4830, we can expect newer attempt for 4900. Cross over will give us 4925 and then 4960 too. Trade long again.

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

We have seen a day of consolidation and it should not be taken as sign of weakness. It is strongly advisable not to short each and every level every time. I am still intact with my yesterday’s view.

If we take the recent from 5020 to 4770 then 50% of the fall ends up at 4896 which was tested yesterday.

Now, what’s for today?

Consider 4830 as strong support for intraday and expect the retest of 4896-4900 levels. Cross over of 4900 will generate the target of 4925. Further extension of rise will result 4962 also but those may come in coming few days of trades.

We have support @ 4830 (~4828) and 4800. This market is looking safe for rebound as long as we are standing above 4800. If it breaks below 4830 and close below that then situation will be completely different. You can say that it will be horribly weak in that case. It may cause further massive sell off.

As of now I can say that the levels of 4896 and 4925 will have big technical meaning. These points may act as decisive ‘reversal point’ for intraday, just like yesterday. My view is cautiously long side.

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.

Read www.viecapital.com for stocks views

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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06 June 2012 : NIFTY : As long as it hold 4830, we can expect newer attempt for 4900. Cross over will give us 4925 and then 4960 too. Trade long again.

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