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Home Technical Analysis Market Analysis
Nifty hourly chart

Nifty shrugged off ITC induced Tuesday sell-off in a bullish move on Wednesday, closes above 5 DMA

Elearnmarkets by Elearnmarkets
November 18, 2020
in Market Analysis, Market Wrap
Reading Time: 3 mins read
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Nifty (close approx. 9899.60): Nifty opened gap-up today and price moved even higher by closing hours on Wednesday. Price closed above 20 hour and 34 hour moving averages which are presently at approx. 9876.8 and approx. 9881.2 respectively at Wednesday’s close and they should act as support in Thursday’s trading. If hourly candles hold support of 20 and 34 period moving average we may see a new high in Nifty. 50 hour moving average, presently situated at approx. 9865.4 and Tuesday’s low of approx. 9816, are important levels on the downside. On the upside, the Nifty should look for approx. 9928 level (the previous high and close to hourly upper Bollinger level at present) first, and then there is all important round figure level of 10000. Hourly slow stochastic has broken out in overbought zone and hourly CCI and RSI should break out above their respective normal zones if Nifty decides to move higher.

Nifty hourly chart

                                 Figure: Nifty hourly chart

Nifty closed above 5 day moving average, which is presently at approx. 9884.15. This level will be crucial for Thursday. Multiple hourly closes above 5 dma may draw bulls and drive prices higher. Given the fact, that ITC induced Tuesday correction was one-off and market made up almost all of the Tuesday’s loss in Wednesday’s trading, Nifty looks bullish in daily time frame. On the down side 8 dma stands at approx. 9849 and 13 dma stands at 9769.2.

In spite of Tuesday’s fall, the daily slow stochastic did not move into normal zone from overbought zone and it is emboldened after Wednesday’s move. The daily CCI is already in overbought zone and daily RSI is on the verge of moving back into overbought zone. All these signals, combined with price action gives bullish possibility for Nifty.

Nifty daily chart

                                Figure: Nifty daily chart

Disclaimer:

Elearnmarkets wants to inform you that this post/video is solely for educational purpose. We are not advising any trading or investment ideas. We want to add that the data/indicator/signals contained in this website/post/video are not necessarily realtime nor accurate. All CFDs/traded instruments (stocks, indexes, futures, commodities) and Forex prices are not provided by exchanges but rather by web based charting platforms, and so prices/indicators may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading or investing purposes. Therefore, Elearnmarkets doesn`t bear any responsibility for any trading losses you might incur as a result of using this data/ indicators/charting platform. This analysis is purely based on the technical observations and not meant for investing with real money. Elearnmarkets does not have any position in the market. One can create position in market at his/her own risk.

Elearnmarkets or anyone involved with Elearnmarkets will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals/discussions contained within this website/post. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Previous Post

11 day Uptrend halted, Nifty corrects 88.8 points driven by ITC. What is ahead?

Next Post

Nifty Consolidates After Wednesday’s V-Shaped Reversal

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.

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