NIFTY 50 (NIFTY) Outperforms All 8 major Global Equity Indices, 2 Day Down Streak Ended; But Still in a Downtrend Over Past 90 Days

NIFTY 50 Daily Price Recap

The choppiness in the recent daily price action of NIFTY 50 continues; to start today, it came in at a price of 9383.55 US dollars, up 2.03% ($187) since yesterday. NIFTY 50 outperformed all 8 assets in the 8 major global equity indices asset class since yesterday. Congrats to its holders! The daily price chart of NIFTY 50 below illustrates.

NIFTY 50 Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NIFTY 50 crossed above its 20 day moving average yesterday. 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 30 day timeframe. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to sell rallies. For another vantage point, consider that NIFTY 50’s price has gone up 5 of the previous 10 trading days.

Overheard on Twitter

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

  • From Abhishekkar_:

    2 Facts
    -State Bank of India (SBIN) with a total of more than 6.6 Million contracts was among the top 10 stock fut contract traded in the world in 2016
    -Nifty 50 is the most actively traded index options contract in the world with more than 700 M contracts were traded in 2016

  • From Kunalyv:

    Financials weight in Nifty 50 is down to 36%. Nifty bank down 40% in 6 months. Pharma despite the sharp take off, 20% + in 6 months is still 3.1% of Nifty 50.

  • From marketst0day:

    Sectoral Indices UpdatesNIFTY 50 9099.60 -1.51%
    NIFTY BANK 18400.10 -2.90%
    NIFTY IT 13706.90 +0.83%
    NIFTY PHARMA 9203.15 -1.12%
    NIFTY FINANCE 9132.20 -2.70%
    NIFTY FMCG 26428.45 -0.90%