01 November 2012: Nifty Elliott wave analysis: it gave a typical pullback toward N-Line of H&S pattern. As long as it is staying below 5630, it can fall towards 5567 levels.

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

Today’s outlook: -

I have already said for the possibility of recovery yesterday. It was the most expected pullback. It recovered from 5583 and hit a high at 5624 levels which was still below 5630. It was technically designed pullback. Now, we can conclude that 5630 is missing so fall will resume. There are chances that we will see the levels of 5567 levels. This target or support has derived from Fibonacci series. Now suppose if it breaks 5567 then it will surely ready to hit 5500 levels. I strongly believe that sooner or later Nifty will even break 5500 marks to hit the target of 5450 to 5400 levels. I have already explained those target yesterday based on H&S pattern.

Have you observed one thing? We have a consolidation of 5630 to 5730 for 12 trading sessions. I have marks as consolidating A-B-C-D-E and we got final break of 13^th trading session. It is giving us a hint that upcoming fall cannot be the normal one. Those who are buying should try being on cautious side. We need to remember that there where a phase when our market has discounted the fall of European and American market. Those days have passed and now we will see better correlation.

S&P 500 – I have said that 1475 will remain a yearly top when it was trading above 1460. I mentioned the importance of 1424 levels. Now S&P is trying to move towards psychological 1400 marks. I must say that 1400 has no technical relevance. We should expect dip towards 1385 – 1370 levels.

Now, you cannot say that we will not test 5400 of Nifty if S&P 500 slips by 2-3% more from current levels. So fall in Indian market is very likely. One can debate over duration of fall or one can talk about magnitude of recovery coming in between. Yes, it may happen but fall is expected.

United States

has faced its worse natural calamity of history and it may make its impact on economy too. I always regret to apply brutal logic in stock market. We need to conclude that those destructions will generate some demand and consumption due to restructuring work.

One more thing, you need to watch out for Reliance today. I am sure you all must be knowing why I am saying this.

Regards,

Praveen Kumar

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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01 November 2012: Nifty Elliott wave analysis: it gave a typical pullback toward N-Line of H&S pattern. As long as it is staying below 5630, it can fall towards 5567 levels.

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