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
Nifty Hourly Chart

Nifty Closes On Positive Note Despite Of Higher Crude Prices And Weak Rupee

Elearnmarkets by Elearnmarkets
September 8, 2018 - Updated on November 18, 2020
Reading Time: 2min read
2
24
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Nifty close 11589.1: Nifty had witnessed some correction in the first half of the week due to the rupee weakening even after intervention of the central bank. However on Thursday the bulls finally came out and resulted in the formation of hammer in the daily chart. On Friday Nifty opened higher than previous day and ended on a positive note.

At this point Nifty likely to face resistance at 11609 levels and for support it would be 11550.

Hourly Technical: In the Hourly chart, the index was falling down but bounced back from 11400 level and witnessed a good recovery from the lows in the last two trading session suggesting positive momentum in the index.

Most of the indicators in the hourly chart are in a neutral to overbought position. RSI is at 60, Stochastic is in the 90 overbought zone, ADX is below 20 and CCI is at 135.

Overall there is a chance of consolidation as well as up move as the indicators are in the overbought zone. In case of down fall there two major supports which are Lower Bollinger band (presently at approx. 11422.25) and the 20 MA line (presently at approx. 11513).

Nifty Hourly Chart
(Hourly chart)

Daily Technical: In the daily chart, Nifty is presently trading above 20 Day moving average which turned the sentiment to bullish. However, on the upside, 11620 may act as a short term resistance for the Index.

Let’s discuss the indicators, in the daily chart Indicators are in the neutral. RSI is at 58, Stochastic is at above 50, ADX is at 32 and CCI is at 6.

Nifty Daily Chart

(Daily chart)

Weekly Technical: In the weekly chart, though there is a bearish engulfing at the top but the good part is that Nifty has witnessed good recovery from the low suggesting the strength of the bulls in the bigger timeframe.

Moreover, Nifty is trading above most of the moving average and looks quite strong in the weekly chart.

Lets discuss the indicators, RSI is above 70, Stochastic is above 80, ADX is above 20 and the CCI is above 100. So in short technical parameters look bullish and there is a possibility of up move in the bigger timeframe.

Weekly Chart

(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.

Nifty tech table

Nifty tech table

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

Nifty Makes New High Despite Rupee Trading In A Life Time Low

Next Post

What are Shariah compliant mutual funds?

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
520
Market Wrap

Nifty breaks the consolidation phase, up approx. 360 points

March 16, 2019 - Updated on November 18, 2020
121
Hourly Chart
Market Analysis

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

March 9, 2019 - Updated on November 18, 2020
79
Hourly Chart
Market Analysis

Nifty Ends In Green Amid Geopolitical Tension

March 2, 2019 - Updated on November 18, 2020
73

Comments 2

  1. Rahul verma says:
    10 months ago

    Thank you very much. All the facts explained by you are very simple and easy.

    Reply
    • Sakshi Agarwal says:
      10 months ago

      Hi,

      Thank you for reading our blog!

      Keep Reading!

      Reply

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