NIFTY 50 (NIFTY) 2 Day Up Streak Broken; in an Uptrend Over Past 30 Days

The Hourly View for NIFTY

Last Updated June 29, 2021, 01:013 GMT

At the time of this writing, NIFTY’s price is down -36.8 (-0.23%) from the hour prior. This is the 2nd straight hour NIFTY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NIFTY 50 Daily Price Recap

The back and forth price flow continues for NIFTY 50, which started today off at 15814.7 US dollars, down 0.29% (45.65) from the previous day. Relative to other instruments in the equity indices asset class, NIFTY 50 ranked 6th since the previous day in terms of percentage price change. The daily price chart of NIFTY 50 below illustrates.


NIFTY 50 Technical Analysis

Volatility for NIFTY 50 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that NIFTY 50’s price has gone up 5 of the previous 10 trading days.