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NIFTY 09 AUGUST 2021 : Nifty can take a pause here but it may not break 16000 levels.

 


Good Morning Friends, 

Its at all time high and hence there is no resistance on higher side. I am taking cues from derivative data. Option buildup is confirming for the range of 16500 to 16000 levels. 

I am considering 16100 to 16000 as important support and it is not likely to break this level. This should be considered as pullback only. 

It is going to be interesting to see how Nifty reacts on support. I had considered 16300 as important levels and pause is coming from nearby levels. 

My take is a pullback and then 16500. Well, it's just a view so far. I will add trades depending on how market reacts at those levels. 

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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