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NIFTY 21 MAY 2021 : Looks like a rising wedge, key support = 14820

 


Good morning friends, 
I have already discussed about no support from 15000 to 14900. We saw things shaping in the same way. Well, 14900 is a support and so we can say that market has closed on support but it has changed the possible outcome on daily chart. I can able to see a rising wedge pattern under formation. 

A rising wedge normally has out come as fall. So this formation is not in favour of bulls. I am still not bearish. I will look for trading support at 14880 and then at most import 14820. Charts are already explaining support. 

Where is resistance as SGX NIFTY is up now? Key resistance lies in the range of 15000 to 15040. previous supports are resistance now. It will invite fresh bulls only above 15040 but that's too far now. 

Above is only a view, improvise levels during trading hours. 

Happy trading 😊

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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