NIFTY 29 OCTOBER 2021 : NIFTY is on breakdown mode, perhaps trend is reversing in medium term.

 


Good morning friends, 

Above is the daily chart of Nifty. I have few big words today. Charts are suggesting that trend might change. Why do I am saying that. 

Above is the channel breakout pattern and that's the really brutal breakout yesterday with not even any single intraday recovery. 

Next resistance is 18050 (Might tested), 18150 (Less chance), 18350 (Only above this up trend will resume). 

How dip can this market fall immediately. Fine, I am giving extreme possibility and that is 17400 levels. It doesn't mean you add shorts at any levels. It is a view and you need to adjust trading with proper risk and reward ratio. 

Can we expect a bounce today? I cannot deny. 

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…
NextGen Digital... Welcome to WhatsApp chat
Howdy! How can we help you today?
Type here...