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NIFTY 09 JULY 2021 : Nifty to retest support of 15600 and then it will turn decisive.

 


Good Morning Friends, 

I must say that this fall came with lots of warning. What's next for today?

Do not misconclude from heading that I am betting on recovery. It is a possibility and I would like to see reaction at 15600. What I mean to say is that 15600 is decisive support and some relief may emerge. (or may not). 

If it breaks 15600 then we can expect fall towards 15460. Final medium term support is at 15300 levels. Somehow momentum is shifting. Everytime some sector, some stock come to save but overall buying remains dull at top. 

I will opt buying with lots of terms and condition. Means only if reaction and pattern will appeal to bulls. In the absence of such indication, it is safer to stay away. 

On higher side, resistance will be at 15800. 

Happy Trading

Praveen Kumar


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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