Nifty 50 - Analysis

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NIFTY 26 SEPTEMBER 2023 : Failure of recovery will cost Nifty now. You can expect levels of 19500 to 19450. Resistance 19740.

 


Welcome everyone, 

If you look at the chart you can observe that right now Nifty is running at its crucial Fibonacci levels. Yesterday it took a "U" turn from 19600 and then recovered well but gave immediately. The scenario suggests that if this breaks 19600 levels then it can march towards 19459. So I am taking the target range as 19500 to 19450. 

Unless it goes above 19740, no bounce is safe. I have already anticipated earlier on the failure at 20200+, not to expect on the bullish side for the next month. 

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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