NIFTY 50 (NIFTY) Makes Big Move Relative to Two Week Trend, Down 0.05%; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated June 21, 2021, 01:010 GMT

At the time of this writing, NIFTY’s price is up 49.2 (0.31%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 came into today down 0.05% (8.05) from the open of yesterday, marking the 3rd straight day it has gone down. Relative to other instruments in the equity indices asset class, NIFTY 50 ranked 4th since yesterday in terms of percentage price change. Below is a daily price chart of NIFTY 50.


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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!