NIFTY 50 (NIFTY) Down 0.46%, Crosses 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

NIFTY 50 Daily Price Recap

NIFTY 50 came into today down 0.46% ($42.65) from the open of yesterday, marking the 2nd day in a row a decrease has occurred. Out of the 8 instruments in the 8 major global equity indices asset class, NIFTY 50 ended up ranking 5th for the day in terms of price change relative to yesterday. Here is a daily price chart of NIFTY 50.

NIFTY 50 Technical Analysis

First things first: NIFTY 50 crossed below its 20 day moving average yesterday. 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 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. If you’re looking to trade the primary trend, this may be a good opportunity to sell rallies created by the counter trend. Or to view things another way, note that out of the past 30 days NIFTY 50’s price has gone up 16 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to NIFTY 50 for the past day were:

  • From thebrandindex:

    People that doubt tracking brand relevancy should look at $UA $KSS $PVH etc vs the most relevant brands. The work me and my team does each December is so valuable. It’s akin to having a nifty 50 (200 in my case) but updating that list yearly so u get access to emerging brands too

  • From kothariabhishek:

    NIFTY 50 index linked secured NCD, tenure of 3yrs 4 mths, traded at yield of 12.02%@canarabank
    9.8% coupon rate, unsecured AT 1 bonds, traded at yield of 11.25%@pnbindia
    9.15% coupon rate, unsecured perpetual debt, traded at yield of 11.98%

  • From UjjwalR37068968:

    @nitinbhatia121 Sir, Nifty 50 ke ek stock per nagar rakh kar maine aaj 1.5k lav kiya. Thank you for your learning.