The Hourly View for NIFTY
Last Updated March 26, 2021, 01:018 GMT
At the time of this writing, NIFTY 50’s price is down -115.8 (-0.8%) from the hour prior. NIFTY 50 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NIFTY 50. Given that we see downtrend on the 20, 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 1.54% (224.5) since yesterday, marking the 2nd consecutive day a decrease has occurred. Those trading within the equity indices asset class should know that NIFTY 50 was the worst performer in the class today. The daily price chart of NIFTY 50 below illustrates.
NIFTY 50 Technical Analysis
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. For additional context, note that price has gone down 9 out of the past 14 days.