NIFTY 50 (NIFTY) Price Near 11381; Heads Down For the 2nd Consecutive Day, Nears 20 Day Moving Average, in an Uptrend Over Past 90 Days

The Hourly View for NIFTY

Last Updated September 21, 2020, 12:56 GMT

Currently, NIFTY’s price is down -56.7 (-0.5%) from the hour prior. NIFTY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 and 50 hour moving averages have been crossed, so that price is now turning below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 closed the day prior down 0.1% (11.15); this denotes the 2nd consecutive day a decline has happened. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 4th for the day in terms of price change relative to the day prior. Below is a daily price chart of NIFTY 50.

NIFTY

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. For another vantage point, consider that NIFTY 50’s price has gone up 5 of the previous 10 trading days.

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 thebluehue_:

    Long term share prices are a reflection of EPS growth. For last 5 years even if you exclude Covid the EPS growth for Nifty 50 index was 1.9%, large part of which was due to tax cut. That is still much worse than FD or govt bond.EPS Jan 2015: 392
    EPS Jan 2020: 430
    CAGR: 1.87%

  • From sunildamania:

    1st time in history, Nifty50 is trading at above 30 PE. It’s above 32x now. To give a comparison of 2008, highest PE was 27x. With Financial services weightage of 35% in Nifty 50, it looks that the earnings growth of Nifty 50 may not rebound soon, making valuation extremely rich.

  • From Gautampolisetty:

    Whats is ur edge ? my Edge is(are) my watchlists !
    Spending few Hours in reviving them today !1. Laggard list to track which are above 30 WMA & Sustaining2. Momentum list to track 20 DMA touchpoints for entry !3. portfolio & Probable entrants ! 4. Nifty 50 5. f&o charts