NIFTY 50 (NIFTY) Down 0.05%, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated March 25, 2021, 00:018 GMT

Currently, NIFTY 50’s price is down -261 (-1.76%) from the hour prior. NIFTY 50 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 entered today at 14736.4, down 0.05% ($7.6) from yesterday. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 8th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of NIFTY 50.


NIFTY 50 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 and 30 day timeframes. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For another vantage point, consider that NIFTY 50’s price has gone down 17 of the previous 30 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.