NIFTY 50 (NIFTY) Tops All equity indices, Crosses 20 and 50 Day Moving Averages; in an Uptrend Over Past 90 Days

The Hourly View for NIFTY

Last Updated April 1, 2021, 00:018 GMT

At the time of this writing, NIFTY 50’s price is down -89.05 (-0.6%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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 is up 2.33% (337.8) since the day prior, marking the 2nd consecutive day it has gone up. On a relative basis, today was pretty good: NIFTY 50 bested all 14 of the assets in the equity indices class 🙂 Below is a daily price chart of NIFTY 50.

NIFTY

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 14 and 30 day timeframes, where price is headed down. This may setup an interesting opportunity for traders looking to buy dips in anticipation of the primary trend resuming. Or to view things another way, note that out of the past 14 days NIFTY 50’s price has gone down 8 them.