NIFTY 01 JUNE 2021 : Nifty @ new all time high. Technical views remains bullish unless we get a negative close.

 



Good Morning friends, 
Fueled by multiple factors, Nifty breaks its previous alltime high and run continues even yesterday. Its a daily market analysis but I am presenting a weekly chart to show you long term picture. Almost everything is clear from above chart which is showing the importance of 15550 resistance mark. Fine, Nifty close above that but caution requires at these kind of levels. 

Readers take a caution - I am not saying that this market gave me short signal. No, not at all. We have not even got single negative close above previous alltime high. I am just advising caution. Trade long with lighter volume. 


Hourly charts gives us a reason why we cannot be bearish. Have a look, result of every consolidation is a rise. Unless the result of single consolidation goes in favour of bears, market remains us. Let us see today's opening and I will see price at 11 am to trade. 

Disclosure - I have very small quantity put long on Nifty from yesterday's last minutes. 

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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