Nifty 50 - Analysis

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NIFTY 24 JUNE 2021 : Nifty has meaningful support at 15600 levels. Do not hunt the bottom this time.

 


Good Morning friends, 
With words of caution, we have saved ourselves from unnecessary long trade. Nifty slips throughout the day without any great recovery. I am analyzing Nifty on hourly chary. It is plotted above. One can easily sense that Nifty has support at 15600, a level which gave maximum rebound. 

If it breaks it can dip as big as 15460 levels. As long as it is staying above 15460-15300, we can say that medium term trend remains up and these fall are just the pullback. 

Still, I suggest do not hunt the bottom. There can be some volatility and we may get a volatile bottom which may not be easily catchable. 
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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