NIFTY 08 JUNE 2021 : Nifty is turning heavy near 15800 levels. No easy cross today.

Good Morning Friends,

Above is hourly chart as daily chart is not conclusive yet. Have a look on RSI and the trend line drawn on NIFTY chart. You are already experienced and can sense what could happen next.

Normally, Divergence act on the break of decisive trend line. (Note - if it does not then divergence continues).

Suppose if it breaks above trend line then it will see a price correction. Why am I saying for break of trend line? Derivative data is suggesting that 15800 may not see easy cross now so choppiness or correction is likely situation.

Place above set up on NIFTY spot and watch it for the day.

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…

5 comments

rajiv malik 8 June 2021 at 20:17 8 June 2021 at 20:17

great guidance as always !
Praveen Kumar 9 June 2021 at 08:26 9 June 2021 at 08:26

Its my pleasure....
rajiv malik 9 June 2021 at 12:10 9 June 2021 at 12:10

great guidance today also, helps me manage my position which is in 15900 pe, much below my average purchase price, but if correction comes will benefit me!
Praveen Kumar 9 June 2021 at 13:24 9 June 2021 at 13:24

You must have benefited as fall came to hit 15608
rajiv malik 9 June 2021 at 14:32 9 June 2021 at 14:32

oh yes i did benefit praveen ji though i was in loss but your posts were giving indication that a fall could be imminent. only regret is i booked out early and could not get the full advantage of the fall. nevertheless ended up in profit from loss thanks to your guidance.

Nifty 50 - Analysis

NIFTY 08 JUNE 2021 : Nifty is turning heavy near 15800 levels. No easy cross today.

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.

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