NIFTY 50 is Up for the 5th Day in a Row

News Releases Impacting NIFTY 50

  • Forecasted WPI Inflation YoY in India: 13.5%. The previous number: 14.23%. (5.13% difference between the two.)

The Hourly View for NIFTY 50

  • Currently, NIFTY’s price is up 47 (0.26%) from the hour prior.
  • It’s been a feast for bulls operating on an hourly timeframe, as NIFTY 50 has now gone up 4 of the past 5 hours.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NIFTY 50’s hourly price chart is shown below.

NIFTY

The Daily View for NIFTY 50

  • At the time of this writing, NIFTY’s price is up 45.45 (0.25%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as NIFTY 50 has now gone up 9 of the past 10 days.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on NIFTY 50. Given that we see an uptrend on the 20, 10 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between NIFTY’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in NIFTY’s price.

Below is a daily price chart of NIFTY 50.

NIFTY

Featured NIFTY 50 Commentary From Twitter

An investor in my fund sent this to me. Good read, from 1998, and worth reflecting on the many lessons. “A portfolio of Nifty Fifty stocks purchased at the peak would have nearly matched the S&P500 over the next 26 years.” (1/3)
https://t.co/UYigMv0hEPNA

chriswmayer