Nifty Hourly Chart

Nifty Broke Out Of Three Month Consolidation, Staring At Blue Sky

by Elearnmarkets on Market Analysis, Market Wrap
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Nifty close 10323.1: Nifty opened at fresh life time high of 10366.1 and ended marginally lower on Friday’s session. As mentioned in the Nifty tech table on Thursday, 10310 acted as a good support for the index.

Hourly Technical:
In the hourly chart, Nifty opened marginally higher but gave away some of the gains in the second half of the trade. The probable support in the hourly chart comes at 20 Hour moving average (presently at approx.10317.4) and 34 Hour moving average (presently at approx.10278.3).

On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10364.3) and 5 Hour high EMA (presently at approx. 10344.7).

Hourly Stochastic, CCI and RSI are in the normal zone and ADX has turned down suggesting some loss of momentum and some profit booking near the lifetime high area. Overall Nifty remains bullish to neutral in the Hourly chart.

Nifty Hourly Chart

Figure: Hourly Chart

Daily Technical:
In the daily chart, Nifty is still above 5 Day High EMA and also above all short term moving averages indicating a positive bias. The probable support in the daily chart comes at 5 Day High EMA (presently at approx. 10315.9), 5 DMA (presently at approx.10270.9) and 5 Day Low EMA (presently at approx.10243.5).

On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx. 10429.2).

Stochastic, CCI are in the overbought zone while RSI is marginally below its upper bound. Overall Nifty remains bullish in the daily chart.

Nifty Daily Chart
Figure: Daily Chart

Weekly Technical:
Nifty breaks out of a three month long consolidation in the weekly chart and closed above 5 week High EMA and most moving averages indicating strong control of the bulls over bears.

Weekly Stochastic, CCI are in the overbought zone while RSI is marginally below its upper bound. Overall Nifty remains very bullish in the weekly chart.

Nifty Weekly Chart
Figure: Weekly Chart

Nifty Tech Table
Figure:  Tech Chart

 

 


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