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NIFTY 23 JULY 2021 : Up swing is likely to continue but it can face resistance @ 15850-15900 again.

 


Good Morning Friends, 
Bounce came and sustained till the end of trade. I plotted an hourly chart above. I must say that 15850 is a also a crucial levels to watch on higher side. 
One major thing that goes in favour of bulls is that this time momentum indicator is already too low and hence bounce may sustain. Well, its not a guarantee. There are few important resistances and Nifty may react from one of the levels. It may face resistance at 1580 or 15902 or may at 15960 levels. 
Support by any chance it slips below 15750 levels then it may turn weak. 
Patterns are somehow looking to give some wild swing in the day. 
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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