NIFTY 10 AUGUST : A breather near at 16300, in line with expectation. Support at 16100 to 16000 levels.

 


Good Morning Friends,

It was a perfect move yesterday with a top around 16300 levels and then a pull back. From past four trading session, it was 16300 with is on work. 

I am changing my instance. Have a look on small cap and mid cap indices. It has started under performing and this can be alarming sign. Remember, we are on top and top always demand caution. 

Well, we need to see fresh development. If this underperformance continues then we may get a top. 

What about 16500 target then?

Top can be here and there. We shall not be price specific. I am just trying to take cues from sentiment and apatite. 

Last aim is to make money and for that we need to identify trend. 

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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