Join Courses
Attend Webinars
Get Free Counselling
  • Select Language
    • Hindi
    • Bengali
+91 9903 222 555
Elearnmarkets - Financial Market Learning
Join Courses Of Elearnmarkets
  • Basic Finance
  • Technical Analysis
  • Fundamental Analysis
  • Derivatives
  • Financial Planning
  • Miscellaneous
No Result
View All Result
  • Basic Finance
  • Technical Analysis
  • Fundamental Analysis
  • Derivatives
  • Financial Planning
  • Miscellaneous
No Result
View All Result
Elearnmarkets - Financial Market Learning
Home Technical Analysis Market Analysis Market Wrap

Nifty breaks the consolidation phase, up approx. 360 points

Elearnmarkets by Elearnmarkets
March 16, 2019 - Updated on November 18, 2020
Reading Time: 2min read
0
113
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Nifty close 11426.85: The index started this week with a Gap up opening and on that same made a close above the previous swing high (11118.10). That move attracted bulls and today it is up approx. 360 points from the last week close.

Hourly Technical: On the Hourly Chart Nifty is in solid up trend. But the quick sell off on the last hours could be a matter of concern for the Bulls. A near Bearish engulfing pattern has been formed on the chart, which rinses out the half day’s gain. Alongside the Bearish pattern the indicators are also coming down from there overbought level and this altogether may bring back an another correction.

On the indicator side, RSI is above 60, Stochastic is also above 65, ADX is above 55 and the CCI is above 85.
Most of the indicators are in a cool down phase so a correction is expected. Apart from that RSI has negative divergence on the chart which might indulge the correction.

(Hourly chart)

Daily Technical: It is a small uptrend in the Daily chart and as we can see, the correction came when the price crossed the upper Bollinger line. Technical indicators (RSI is above 75, Stochastic is above 90, ADX is at (25) and the CCI is also trading above 150) are in their overbought level and Nifty had a rally of 360 points (approx.).So this correction was expected.

In case the price continues its rally 11600 would be the Resistance for the index and if the any correction take place 11200 would be the possible support.

(Daily chart)

Weekly Technical: On the weekly chart it is a range break out and the move is pretty much strong as the candle suggest. There would be high chance of breaking the life time high within two weekly candles if the index crosses this week’s high. The momentum of that move would be pretty much strong.
There is also a possibility for correction and the previous resistance (11000 level, now the support) zone may be tested once.

On the technical side, RSI is above 60, Stochastic is at its overbought level, ADX is below 15 and the CCI is just below 300.

So overall, the momentum is there but due to the overbought condition of Stochastic and CCI, there could be a possible correction.

(Weekly chart)

You can use stockedge app to get cutting edge over others in both short term trading and investing. Here you not only get data at one particular place but can also create your own combination scans based on your own technical and fundamental parameter. See the video below to know about various features in Stockedge app.

Tags: english
ShareTweetSend
Subscribe To Updates On Telegram Subscribe To Updates On Telegram Subscribe To Updates On Telegram
Previous Post

How Changing Preferences increasing the share of Consumer durable?

Next Post

Lagging Vs. Leading Technical Indicator – Do You Know The Difference?

Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

Related Posts

Hourly Chart
Market Analysis

Nifty Washes Off Three Day’s Gain, Closes Below 11500

March 22, 2019 - Updated on November 18, 2020
496
Hourly Chart
Market Analysis

Nifty Made A Close Above 11000. Is The Consolidation Over?

March 9, 2019 - Updated on November 18, 2020
77
Hourly Chart
Market Analysis

Nifty Ends In Green Amid Geopolitical Tension

March 2, 2019 - Updated on November 18, 2020
70
Hourly Chart
Market Analysis

Nifty Has Made An Inside Candle Formation In The Daily Chart. Big Move Ahead?

February 23, 2019 - Updated on November 18, 2020
232

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Download App

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

GET ARTICLES ON EMAIL

Enter your email address:

Categories

  • Banking
  • Basic Finance
  • Bonds & Fixed Income
  • Budgeting & Savings
  • Capital Markets
  • Charts
  • Charts, Patterns & Indicators
  • Commodity, Currency & FOREX Market
  • Derivatives
  • ETFs & Mutual Funds
  • Financial Planning
  • Financial Statement Analysis
  • Fundamental Analysis
  • Macroeconomics
  • Market Analysis
  • Market Updates
  • Market Wrap
  • Marketshala
  • Miscellaneous
  • Open Interest
  • Personal Wealth
  • Retirement Planning
  • Sector Analysis
  • Tax Planning
  • Technical Analysis
  • Trading Terms, Rules & Strategies
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

© 2020 Elearnmarkets All Rights Reserved

No Result
View All Result
  • Article Categories
  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Market Analysis
  • Miscellaneous
  • Technical Analysis
  • Select Language
    • Hindi
    • Bengali
  • Learn finance
  • Browse Courses
  • Webinars
  • Free Guides
  • Get Free Counselling

© 2020 Elearnmarkets All Rights Reserved