NIFTY 50 (NIFTY) Down 0%, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated January 1, 2021, 03:018 GMT

At the time of this writing, NIFTY 50’s price is up 30.85 (0.22%) from the hour prior. NIFTY 50 has seen its price go up 12 out of the past 14 hours, thus creating some compelling opportunities for bulls. 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 and 5 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 end of a 6 day positive run has come for NIFTY 50, which finished the previous day down 0% (0.2). Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 6th for the day in terms of price change relative to the previous day. Below is a daily price chart of NIFTY 50.

NIFTY

NIFTY 50 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that NIFTY 50’s price has gone up 8 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.