Nifty 50 - Analysis

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NIFTY 02 AUG 2021 : Once again, 15850-15900 remain crucial resistance. Caution require at higher levels.

 


Good Morning Friends, 

Above is an hour chart of Nifty and it has proven again that 15850-15900 remain a tougher resistance. SGX Nifty is giving a sense of higher start. It can open in resistance zone. 

What shall be course of action. Let the time pass and wait for time to short at higher levels. I cannot pin point the top. I will in search of some pattern for shorting. I have already said that if I have to trade long from higher levels then I will to add long on breakout. 

It is not safer to trade long from higher levels. Gap opening remains troubling. Take a note Nifty will some day break this range and so keep your money management strict. 

Sector to watch for the day is metal. 

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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