Nifty 50 - Analysis

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NIFTY weekly analysis for 01 December’14 to 05 December’14


Elliott wave theory: I have expressed a possible move towards 8600 in the past week analysis. Whatever you say for upside, all will come. Now for this week, if Nifty stay above 8617-8620 then expect further 1% rise. 8700 to 8800 levels are also possible. Key technical support is at 8536. Trend reversal support is way too far, it is at 8450 levels.
Market cycle: December is usually a good month for equity but we hardly saw two months old rally before December. So far, beginning for December looks good.
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: As long as it holds above 8450 we cannot say that correction can last longer. Immediate technical support will come at 8536-8500 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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