NIFTY 50 (NIFTY) Up 1.2%, Breaks Above 20 and 50 Day Averages; in an Uptrend Over Past 90 Days

The Hourly View for NIFTY

Last Updated April 2, 2021, 23:18 GMT

At the time of this writing, NIFTY 50’s price is up 93.1 (0.63%) from the hour prior. This is the 2nd straight hour NIFTY 50 has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 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

The choppiness in the recent daily price action of NIFTY 50 continues; to start today, it came in at a price of 14867.35 US dollars, up 1.2% (176.65) since yesterday. 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 yesterday. Here is a daily price chart of NIFTY 50.


NIFTY 50 Technical Analysis

First things first: NIFTY 50 crossed above its 20 and 50 day moving averages yesterday. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. If you’re looking to trade the primary trend, this may be a good opportunity to buy dips created by the counter trend. For additional context, note that price has gone up 5 out of the past 10 days.