Nifty 50 - Analysis

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NIFTY 08 JULY 2021 : We are again on decisive resistance zone. Safer side - wait for 15940 - 15960 crossover

 


Good Morning Friends, 

Above is hourly chart of Nifty. We can able to see two reverse H&S pattern. We can have two outcome above pattern. 

1) Draw a N Line- I am picking some safer side as 15940-15960 zone. If Nifty can cross above those resistance then we can expect a strong rally. Can you believe that a good crossover can give 16500 on Nifty. 

2) Second outcome is the reaction from N line. In that case, Nifty can fall again and it may again test 15600.

I have conviction that sooner or later Nifty may break higher. Only point of concern in volatility contraction. This may not give you to trade long now but surely it is a good indication for rise. Well but time will come only on cross over. 

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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