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Home Technical Analysis Market Analysis
Nifty Hourly Chart

Nifty Standing At A Make Or Break Level; Closes Below 10000 Mark

Elearnmarkets by Elearnmarkets
August 22, 2023
in Market Analysis, Market Updates
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Nifty close 9988.4: Nifty opened marginally higher but saw some profit booking in the second half. Presently Nifty is standing at a very crucial level in both hourly and daily chart; break below 9950-9970 may lead to more downside.

Hourly Technical:
In the Hourly chart, Nifty is standing just above the 200 Hourly moving average (presently at approx. 9976.5) which is a crucial level to watch out for. The probable support in the hourly chart comes at 200 Hourly moving average (presently at approx. 9976.5) and 50 Hour moving average (presently at approx.9963.4).

On the upside, Nifty may face resistance at 8 Hour moving average (presently at approx. 10023.2) and Upper Bollinger line (presently at approx. 10066.7).

Hourly Stochastic and CCI are in the oversold zone while RSI is still in the normal zone. ADX have turned down indicating loss of momentum. Overall Nifty remains neutral in the Hourly chart.

Nifty 50 hourly technical Stochastic and CCI are in the oversold zone, RSI normal zone, ADX indicating loss of momentum.

Figure: Hourly Chart

Daily Technical:
In the daily chart, Nifty is trading marginally above its 20 DMA line (presently at approx…..), break below which may lead to further downside.

The probable support in the Daily chart comes at 20 DMA (presently at approx. 9972.5), 34 DMA (presently at approx. 9952.7) and 200 DMA (presently at approx. 9940).

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On the upside, Nifty may face resistance at 5 Day High EMA (presently at approx. 10015.9).

Daily Stochastic, RSI and CCI are in the normal zone while ADX is downward sloping indicating loss of momentum. Overall Nifty remains neutral in the daily chart.

Nifty Standing At A Make Or Break Level; Closes Below 10000 Mark 1
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