Nifty Elliott wave Analysis: Wave support stand @ 5002 >4989 (repeated in past too). Resistance will be at 5090. Nervousness expected on weekend trades.

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

I have already said that the recent top of 5145 will play major role as resistance. We have seen the failure yesterday and downside near 5040. Now it hardly matters how

market is performing or how strong is SGX Nifty.

We will see resistance at 5090 – 5100 levels. Before

Greece

election and

India

’s fast changing political equations, traders may not prefer to take risk. This could lead us towards nervousness any moment today.

Technical charts are suggesting few things -

You can expect opening near 5074 with resistance @ 5090. One must watch the levels of 5015 (a weekly low), break of those levels will result further selling. In up coming few days, adverse out come may result the test of 4913 levels too.

I am repeating again that a rising market may not give us better opportunity to trade. It must be noted that the high of 5145 came exactly on 8^th days from the low of 4770. This kind of Fibonacci confirmation should be taken as confirmation of fall and the chances are like 75-80% for fall only.

Use higher levels to make exit from your long trades as 5145 will act as stiff short term resistance.

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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