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NIFTY 21 OCTOBER 2021 : Yesterday's low around 18200 is a decisive support.

 


Good morning friends, 

Nifty hit the expected levels of 18250 to 18150. It has made a bottom of 18208 yesterday before a pull back. 

I studied hourly chart too and found that 18200 may act as support. A bullish market used to respect every support. I am not going to prefer shorting this market unless settle below 18200 levels. On higher side, I see a meaningful resistance at 18340 levels. 

18340 looks too far but this is the levels where I can expect a good risk reward ratio for trading on short side. 

A big question. Has the top done? 

May be not. May be not. We may see consolidation but Nifty has yet to give many sign before call for top. 

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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