07 June 2012 : NIFTY : Crossover of 5000 will generate target first @ 5040. If rise sustains then expect 5065 < 5082 too. We caught the falling knife on long trade @ 4770. Why cannot we think to do impossible?

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

After catching long trade on NIFTY JUNE FUTURE @ 4770, I was not expecting that we will be @ 5000 so soon but yes, it was my mentioned target on higher side. It was informed to our paid subscribers.

I cannot be over confident on my long trade and I like to give proper value to the resistance of 5034 > 5040.

Look at three important points for today’s rise or resistance –

Now cross over of 5000 has generated further extended target at 5034 - 5040. If you remember even on 29^th May 2012, I have quoted about 5034 -5040 as a level which was not supposed to cross at that and I was right. I cannot be over confident on my long trade and I like to give proper value to the resistance of 5034 > 5040.
Suppose if we see a cross above 5040 then we can expect a move @ 5065 (which is 200 days moving average).
A further smooth rise can take us up to 5082. It is 61.80% retrenchment of falling C wave from 5279 to 4770.

In short, we have three levels to watch on rise starting from 5040 < 5065 < 5082. My view is cautiously long side. Crossover of trend changing can give us a hint for 5176 which is 1.618% retrechment of fall against 5040 to 4770 (already marked in the above chart)

What is driving market right now?

First is, in

India

we have so many extremely (dead) optimistic kind of trader. Yes, people are expecting a CRR cut either by Friday or by 18^th June 2012.

Secondly, Expectation of rise in US market. A falling market can make Mr. Barak Obama’s president election campaign tougher. So, you can say that we are on verge on another politically influenced move in Stock Market.

Thirdly, it seems Dr. Manmohan Singh is waking up after seeing GDP @ 5.30%. At least, now he is talking something about economy.

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…

Nifty 50 - Analysis

07 June 2012 : NIFTY : Crossover of 5000 will generate target first @ 5040. If rise sustains then expect 5065 < 5082 too. We caught the falling knife on long trade @ 4770. Why cannot we think to do impossible?

NIFTY 18 OCTOBER 2023 : Look like downside is limited but still expect choppy moves before it shoot up higher. Decisive 19850 and 19930.

30 July 2018: Nifty Elliott wave analysis: As expected it hits a new life time and expected to hit 11450 levels.

NIFTY & BANK NIFTY 14 APRIL 2022 : Watch out for 17400 levels very carefully, If breaks it can come to the levels of 17200.

20 June 2018: Nifty Elliott wave analysis: Relative strength is due to Reverse H&S pattern. Hope DJIA does not crack further.

Nifty Gann Time Cycle Calendar: May to October 2025

07 June 2012 : NIFTY : Crossover of 5000 will generate target first @ 5040. If rise sustains then expect 5065 < 5082 too. We caught the falling knife on long trade @ 4770. Why cannot we think to do impossible?

Join the conversation