12 November 2012: Nifty Elliott wave analysis: Nifty came back to the mentioned support of 5680. Keep an eye on IP data and 2 G spectrum auction. Expecting weak opening.

(All subscription are opened now on auspicious occasion of Diwali, opened from 09 November 2012)

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

Today’s outlook: -

I have already quoted the importance of 5680 yesterday and advised you to keep you biasing to negative once it start settling below 5730. It moved in that way. I like to repeat again. If Nifty able to sustain below 5680 then we can see the fall of 40-50 points and it may try to move towards 5630. Technical resistance will emerge at 5730 levels.

I need to say that we have seen surprising and shocking out performance in the last week of trade. We have IIP data today which is expected to be just below 3%. There is another big event. Market must be waiting to see the response on 2 G spectrum auction although it can affect only the sector.

Technical charts are also reflecting the confusion of market over direction. MACD goes in flip flop trading signal. RSI is restless but showing for weakness only. This might be the prime reason that it has again failed at higher levels. I can conclude that all these momentum indicators are on mid point crisis. Although I am giving all importance at 5680 but I need to accept one more view which is alter in nature.

If one is bullish then there is one strong logic which is going in favour of them. It seems that market is eating all weak bulls of the market. At some point, if bears get tired then it will trigger the massive rise. It is just a logic and view not the technical confirmation.

S&P 500 – I have already said that 1475 would be yearly top. Correction was forecasted after Obama’s come back. We finally came to the support of 1370. If S&P 500 has to bounce then this is the last level to talk about. It is hinting me for some recovery. One cannot stand short on

market. Although, I am not advising even long. One must note that we got one positive close on Friday.

Conclusion for NIFTY

India

: - We closed near 5680 levels. Confident fall will hit only below 5680. If it sustain below 5680 then we can see the fall of 40-50 points and it may try to reach the levels of 5630. Before you get panic, I must say that there is no big threat for big fall. This market is about to digest levels to levels. Range bound activity will continue.

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…

Nifty 50 - Analysis

12 November 2012: Nifty Elliott wave analysis: Nifty came back to the mentioned support of 5680. Keep an eye on IP data and 2 G spectrum auction. Expecting weak opening.

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.

BANKNIFTY FUTURE CHART ANALYSIS

12 November 2012: Nifty Elliott wave analysis: Nifty came back to the mentioned support of 5680. Keep an eye on IP data and 2 G spectrum auction. Expecting weak opening.

Join the conversation