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NIFTY 23 JUNE 2021 : Nifty demands caution around 15900 levels. May form double top kinda pattern.

 


Good Morning Friends, 
Now a days it may be difficult to predict the market on EOD basis as market used to surprise during trading hours. Yesterday it has shown resistance around 15900 but the fall has surprised with its magnitude. 
So, the out come remains same for the day. Meaningful resistance remains at 15900. Suppose if it makes another top around 15900 then it will become "double top". If that happens it will not be in favour of bulls. 
Already, underperformance of Bank Nifty is concerning. Remember, Bank Nifty is far from its all time high. 
That's the reason for caution. I will not trade long for the day. Let the market decide the direction. 
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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