NIFTY 50 (NIFTY) Heads Up For the 3rd Consecutive Day, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated April 9, 2021, 03:018 GMT

At the moment, NIFTY 50’s price is up 12.55 (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NIFTY 50 has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 0.37% (54.75) since the day prior, marking the 3rd consecutive day an increase has occurred. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 11th for the day in terms of price change relative to the day prior. The daily price chart of NIFTY 50 below illustrates.

NIFTY

NIFTY 50 Technical Analysis

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. Or to view things another way, note that out of the past 10 days NIFTY 50’s price has gone up 6 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.