21 June 2012: Nifty Elliott wave analysis: Keep an eye on 5098; break below this will push us lower towards 5040 levels. Resistance will be at 5134 and 5156.

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

Important development of charts –

Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
5029 – It is 38.20% of rise against 4770 to 5191.

No, QE 3 comes in FOMC meet yesterday but still US market closed on flat note. Well, this was the last hope that market were betting in last few days. I have already expressed by view earlier also that I am not expecting any QE 3.

Remember, in recent few months, all global market is running by politics rather than economy. I have a view for QE3, if it has to come then it will come near US president election to get some political mileage. In recent few months, Economy fundamental is just not justifying stock price. For example,

India

has a GDP growing with pace 5.30% and we are still rising. I am a technical trader and I have to follow my charts, hence I have traded long.

For Nifty my view remains same as follow: -

Nifty will have resistance at 5134 and 5156. Break below 5098 will generate weakness for 5080. If we kept on trading below 5080 then we can even visit 5040. Then the most crucial level will stand at 5029.

If we break and close below 5029 then only I can say that rising wave is changing the direction.

In past few days Nifty kept on trading in just 100 points with one day up and next day down kind of pattern. Practically these kinds of moves are impossible to trade, if you are not lucky enough.

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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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21 June 2012: Nifty Elliott wave analysis: Keep an eye on 5098; break below this will push us lower towards 5040 levels. Resistance will be at 5134 and 5156.

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