Nifty 50 - Analysis

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NIFTY 31 MAY 2021 : Chances are that divergence may play today, caution required. Nifty may fail @ new all time top.

 


Good Morning Friends, 
Nifty formed a new all time high and this came with a firm rise in heavy weight Reliance. There are times in history when market topped out with rise in reliance. 
Well, important technical point, which is concerning for bulls is RISING WEDGE formation. Band is turning narrow and it can break anytime. Some important point to note is 

Why I am not using daily chart? - That's on resistance free zone and all indications are saying to buy and buy but conviction is less. So I focus hourly chart. I am not saying that just go very bearish at this momentum, Just be cautious. I would be happy to see market rising but as of now technical indicators are not as supportive as past. 

1. Option data suggest resistance @ 15500 Nifty levels. 
2. Nifty support - 15380 for trading

Trade with low volume on buy side. 
I have not formed any of my long position. Equally, I booked my long on M&M too. 

Happy Trading
Praveen Kumar

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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