NIFTY 50 (NIFTY) Down 0.07%, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for NIFTY

Last Updated February 15, 2021, 23:18 GMT

At the time of this writing, NIFTY 50’s price is up 38.15 (0.25%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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

NIFTY 50 entered today at 15163.3, down 0.07% ($10) from the day prior. Relative to other instruments in the equity indices asset class, NIFTY 50 ranked 12th since the day prior in terms of percentage price change. Here is a daily price chart of NIFTY 50.

NIFTY

NIFTY 50 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.