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NIFTY 17 JUNE 2021 : NIFTY turned alarming yesterday by giving up recovery. Caution Advised near top.

 


Good Morning Friends, 
In recent time market has developed a pattern of recovery in second half. Till the time it was happening, it was good. It has violated yesterday. 
I updated on twitter that its not good. Well, above is daily chart and MACD is the reason. Big question is will 15901 remains a top. It is hard to answer but it looks like need to make fresh attempt to test of cross 16000 levels. MACD has top to top divergence. So, pattern is not as supportive as past. 
Let us see if bulls are ready to take fresh attempt or give up before 16000. 
One more caution, do not short lows. To me meaning support are now at 15560 and then at 15300 levels. 
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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