NIFTY 50 (NIFTY) 4 Day Up Streak Snapped, in an Uptrend Over Past 14 Days; Evening Star Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated June 17, 2021, 10:18 GMT

At the moment, NIFTY 50’s price is down -8.25 (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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

NIFTY 50 is down 0.64% (101.7) since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 11th for the day in terms of price change relative to yesterday. Below is a daily price chart of NIFTY 50.

NIFTY

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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days NIFTY 50’s price has gone up 9 them. As for those who trade off of candlesticks, we should note that we’re seeing evening star pattern appearing here.