Nifty 50 - Analysis

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NIFTY 05 SEPTEMBER 2023 : Active resistance is at 19530 and then at 19580-19600. Expect fall from higher resistance.

 


Very good morning and Happy Teacher's Day. 

What happened yesterday was a perfect example of the retest of support and bounce. What I feel now is that it can take a dip from higher levels. This higher level should be the most meaningful resistance around 19580 to 19600. I must add that there can be the possibility of overshoot and it can go up to 19630 if momentum hits. 

In the lower side support in the zone of 19420 to 19400. I still believe that the market is denying fall but it should come to hit 18800 levels with N line support at 19250. We need close below 19250. 

Let us see how market shape up today. Do join me on twitter for my live updates 

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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