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Home Technical Analysis Market Analysis
Nifty Hourly Chart

Nifty Ended At A Record Closing High In A Range Bound Session

Elearnmarkets by Elearnmarkets
August 16, 2023
in Market Analysis, Market Updates
Reading Time: 2 mins read
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Nifty close 10363.7: Nifty began the week on a positive note with the closing above 10350-mark. The index looks pretty strong in the daily timeframe and the present uptrend is likely to continue in the coming days.

Hourly Technical:
In Hourly chart, Nifty opened marginally higher and hit a fresh high in today’s narrow range bound session. The probable support in the hourly chart comes at 20 Hour moving average (presently at approx.10347.8) and 34 Hour moving average (presently at approx.10316.4).

On the upside, Nifty may face resistance at 5 Hour High EMA (presently at approx. 10374.9) and Upper Bollinger line (presently at approx.10388.7).

Hourly Stochastic, CCI and RSI are close to the upper bound of their respective normal zone and ADX has turned up suggesting gain in momentum in the hourly chart. Overall Nifty remains bullish in the Hourly chart.

Nifty 50 Hourly chart technical indicators showing Stochastic, CCI and RSI are close to the upper bound of their respective normal zone and ADX has turned up suggesting gain in momentum in the 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.10339.1) and 5 DMA (presently at approx.10306.7).

On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10448.4).

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

Nifty 50 Daily Chart of 30 October

Figure: Daily Chart

Nifty Tech Table
Figure: Tech Table

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