The Hourly View for NIFTY
Last Updated March 30, 2021, 23:18 GMT
At the time of this writing, NIFTY 50’s price is up 198.1 (1.35%) 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 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
The choppiness in the recent daily price action of NIFTY 50 continues; to start today, it came in at a price of 14507.3 US dollars, up 1.27% (182.4) since the day prior. NIFTY 50 outperformed all 14 assets in the equity indices asset class since the day prior. Here is a daily price chart of NIFTY 50.
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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 and 30 day timeframes. So if you expect the primary trend to resume, the counter trend may be providing an opportunity to buy dips. For additional context, note that price has gone down 8 out of the past 14 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.