Nifty 50 - Analysis

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NIFTY 26 AUGUST 2021 : Looks like it has double top pattern at 16702 levels. CAUTION needed due to expiry.

 


Good Morning Friends, 

I have already shown you the hourly chart yesterday and above it updated hourly chart as per yesterday's closing. Few important point to observe is as follow - 

1. Divergence on RSI and MACD on hourly chart. It may be effective just below 16600 levels itself. 

2. Formation of double top at 16702 which is all time high. It is confirming the resistance at all time high. 

If things goes the way it is looking on technical chart then things are looking for an ugly expiry. I have a disclosure that I have no position on any stock. 

I am very much willing to add short if I get some confirmatory signal. 

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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