Nifty 50 - Analysis

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NIFTY 21 SEPTEMBER 2023 : Look like market will undergo consolidation mode for few days. Intraday support at 19830.

 

Hello, above is the explanation based on which I said 20200 is a crucial level. Nifty has respected and fallen down but falls with a gap down. In normal conditions, this kind of setup indicates a short-term top. 

So the question is what next?

For today, have a watch on 19830 as support and it is looking to see another gap down as indicated by SGXNIfty. My point is simple either it will try to revive from 19830 or it will fall by another 100 points. Bulls and investors should be careful at this kind of level. At least, do not add fresh stock here.  

Today is derivative expiry so you can expect lots of noise on chart. For more update, follow me on my twitter account. 

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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