NIFTY 50 (NIFTY) Up 0.44%, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated June 28, 2021, 02:018 GMT

Currently, NIFTY 50’s price is up 22.15 (0.14%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NIFTY 50 has now gone up 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NIFTY 50. Given that we see an uptrend on the 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 closed the previous day up 0.44% (69.9); this denotes the 2nd consecutive day it has gone up. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 5th for the day in terms of price change relative to the previous day. Let’s take a look at the 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 another vantage point, consider that NIFTY 50’s price has gone up 6 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.