NIFTY 50 (NIFTY) Heads Up For the 2nd Day In A Row, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NIFTY 50 Daily Price Recap

NIFTY 50 closed yesterday up 3.05% ($273.95); this denotes the 2nd day in a row it has gone up. Out of the 8 instruments in the 8 major global equity indices asset class, NIFTY 50 ended up ranking 4th for the day in terms of price change relative to yesterday. The daily price chart of NIFTY 50 below illustrates.

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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. This may setup an interesting opportunity for traders looking to sell rallies in anticipation of the primary trend resuming. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Behold! Here are the top tweets related to NIFTY 50:

  • From IndiaER:

    For all those asking, NSE opened in 1992
    The Nifty 50 was launched 1 April 1996 (4 years later and after this image)This was not list of initial Nifty50 stocks
    Only 10 companies from original Nifty50 are still in the indexQUIZ::: Can you name all 10 of them?

  • From nitinbhatia121:

    🔴🔴China’s is more interested in Indian Tech Startups instead of listed companies…Out of $6.2 billion, $4 billion is invested in India’s tech start-up sector. Social paid media has created a FEAR as if CHINA has taken a majority control in majority of Nifty 50 companies.

  • From Nomad_Trader:

    @deepakshenoy Imagine companies from Myanmar, Bangladesh, Pakistan, Nepal and Bhutan applying to buy any Nifty 50 company. They will probably have to trade in their entire country to afford it 🙂