Nifty 50 - Analysis

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NIFTY 24 MAY 2021 : CAUTION ADVISED UNLESS FEW MORE STRONG CLOSE

 


Look at above chart. It has formed rising wedge and we are on at higher side of trendline. Rising wedge advising caution at these levels. Here again we have two possibilities. 

First, as usual, market should retrace from here and take support a1 14800 levels. This to make band narrower. So, today's close is important. 

Secondly, Market take cues from momentum and stay higher to challenge for new high. As market moved higher in concluding hour trade of last week so this is a strong possibility. Market may say, do hell with patterns and divergence. 

The market which moves against RSI divergence has a history of being strongly one sided, does not matter up or down. 

I will wait- watch for first 15 minutes of trade to take direction. One this is for sure day will be impressive. 

Disclosure - I am some BANKNIFTY 33500 PE which I added in last 30 minutes of trade on Friday out of adventure. If market remains against my expectation of fall, I will take my loss. 
 

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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