NIFTY weekly analysis for 10 November’14 to 14 November’14


Elliott wave theory: first of all, I have remarked on wave marking as shown in given chart. Recent dip which gave us a low of 7724 should be treated as wave end point of wave 4. We were bullish since those levels due to massive buy signal. I still believe that recent top can be either at 8416 or before that only.
Market cycle: Global market may be on the last phase of rise. In general, global market used to take a dip in post QE effect. S&P used to take a dip at least after a month.
Technical indicators: Now, it is the time to count for weekly divergence again. A top is sooner as RSI has not moved with any greater strength.  

Charting pattern: I still believe that zone of 8350 to 8416 will a zone of short. Charting patterns are indicating for sluggish move before correcting. This upcoming correction can bring down Nifty in the zone of 8100 to 8000 levels. 
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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