15 July 2015: Nifty Elliott wave analysis: Avoid shorting on base line of ‘REVERSE H&S’ pattern. On higher side above 8500 it can quickly run towards 8570.

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

For 15 July 2015: -

On 14 July 2015, FII Bought INR – 269.90 crs and DII Sold INR 130.90 crs

It was a day of consolidation after a good rise from recent low. Equally, near to 8500 some pause was expected. I can say that it will cross 8500 levels sooner or later. The structure of reverse H&S is getting strong day by day. It can result two three days of big rise.

Litmus test resistance will emerge wither at 8500 or at 8570 levels. For today’s session even if it can able to cross above 8500 then also we can say momentum is building for good rise.

For today’s trading session, I am expecting a positive start. If time favours then it may break 8500 by today itself. Take a note that once it crosses above 8500 then we can expect a quick run todays 8570 levels. In the lower side 8440 to 8400 will act as strong base for the bigger targets of reverse H&S pattern.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty July future – As long as it holds yesterday’s low we cannot expect any kind of substantial profit taking. Technical charts are suggesting that this market has turned for buy in dip. Second half of this month may go in favour of bulls only. Above 8510 it can see rapid short covering. Never think to short this kind of market which is just near to base formation.

S&P 500 (USA) – I am not so bullish for US market. US indices are again in resistance zone. My focus is towards Indian market. I am feeling that there must be some more positive news flow coming. I do expect either is flat market or a rising market towards 2135. So, my expected long term top formation goes in line but the required big fall is still saving. We got a fall from 2135 to 2045, almost 90 points on one short signal. More fall will come after bounce.

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

15 July 2015: Nifty Elliott wave analysis: Avoid shorting on base line of ‘REVERSE H&S’ pattern. On higher side above 8500 it can quickly run towards 8570.

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

15 July 2015: Nifty Elliott wave analysis: Avoid shorting on base line of ‘REVERSE H&S’ pattern. On higher side above 8500 it can quickly run towards 8570.

Join the conversation