NIFTY weekly analysis for week 01 September 2014 to 05 September 2014

Weekly chart is still bullish but I need to stick on my point that 8000 should be a stiff figure to cross, psychologically!!!
Elliott wave is suggesting for 8132, once it is above 7940. Wolfe wave- will take effect - short below 7850. RSI + MACD Divergence = saying for a top sooner!!!
It is very clearly a rising wedge formation which usually comes in fag end of wave ‘5’. So far, there is no clear technical hint for top levels but a top is coming sooner. Fibonacci series projection is suggesting for maximum level as 8132. I need to be clear that charting formation for Indian indices are completely different from rest of global indices so far. Major global indices are giving hint for ‘the major top’ which Nifty is still showing sign of more steam left.


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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