Nifty 50 - Analysis

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NIFTY 22 JUNE 2021 : Nifty to move above 15800, strength may halt @ top near 15850-15900

 


Good Morning Friends, 

If you the hourly chart pattern, the last two days of trade are quite similar. Recovery continues through out the day. One bottom at 15450 and next at 15505. Now it has closed above 15700 levels. This has generated a great momentum. 

The next meaningful resistance will emerge at 15800 to 15900 levels. Momentum can definitely take Nifty towards those levels. 

It may give you a sense of double top formation and hence this recovery may halt at 15850 to 15900 levels. So, again I am advising cation at top. Although, I still feel that Nifty should have tested 16000 levels but that depends on how it react at 15900 level. 

If it has to strength then buyers has to show their power today. 

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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