The Hourly View for NIFTY
Last Updated April 5, 2021, 03:018 GMT
At the moment, NIFTY 50’s price is up 93.1 (0.63%) from the hour prior. This is the 2nd straight hour NIFTY 50 has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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 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 choppiness in the recent daily price action of NIFTY 50 continues; to start today, it came in at a price of 14867.35 US dollars, up 1.2% (176.65) since the day prior. Out of the 14 instruments in the equity indices asset class, NIFTY 50 ended up ranking 5th for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of NIFTY 50.
NIFTY 50 Technical Analysis
First things first: NIFTY 50 crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. 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 16 out of the past 30 days.