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NIFTY 27 SEPTEMBER 2021 : Looks like NIFTY will open at 18000 levels. Can it invite some nervousness?

 


Good morning friends, 

It doesn't make sense to present any analysis as SGX Nifty is showing opening around 18000 levels which is nearly 150 points up. 

It is too much levels to say to stay long. Even if I try I may be scared to be on long side. Normally, Nifty used to experience correction around phycological figures. 

I plotted 17 DMA on above chart. Normally, market used to take support at these levels and used to correct whenever it goes too far from 17 DMA. 

With a gap up we will be at 550 points away from 17 DMA which should normally invite correction. 

Hence, I will not prefer to trade long today. 

This rally may soon come under gravity. 

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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