The Hourly View for NIFTY
Last Updated April 8, 2021, 03:018 GMT
At the moment, NIFTY 50’s price is up 119.55 (0.81%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NIFTY 50. Given that we see an uptrend on the 20 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
NIFTY 50 closed yesterday up 0.92% (135.55); this denotes the 2nd consecutive day an increase has occurred. NIFTY 50 outperformed all 14 assets in the equity indices asset class since yesterday. Congrats to its holders! Let’s take a look at the daily price chart of NIFTY 50.
NIFTY 50 Technical Analysis
Moving average crossovers are always interesting, so let’s start there: 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. For additional context, note that price has gone up 16 out of the past 30 days.