Nifty 50 - Analysis

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NIFTY 22 SEPTEMBER 2023 : Expecting a day of bounce after price correction of 500 points from ATH. Support @ 19700.

 


Hello, 

        It has saved 19700 marks which was important. We saw a 500-point correction in just 4 days of trades from ATH. So far, it looks healthy. I must say to remain intact in rally mode Nifty must save 19700 support levels else it can go sidewise 

Suppose, if we see a reversal pattern today on the EOD chart then it can be another phase of rally and perhaps we are on the bottom of this. Today's closing will have a lot of meaning. One can expect a strong reversal day with a gain of around 150 points on Nifty. 

Stock to watch for trading opportunities on the long side are - LT, ACC, and TATAMOTORS. 

Happy trading, 

Praveen Kumar


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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