Elearnmarkets - Financial Market Learning
  • Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Learn On Elearnmarkets
Elearnmarkets - Learn Stock Market, trading, investing for Free
  • Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Learn On Elearnmarkets
Elearnmarkets - Learn Stock Market, trading, investing for Free
No Result
View All Result
Home Technical Analysis Market Analysis
Nifty Hourly Chart

Post Yellen’s Speech, Nifty And Bank Nifty Set For More Consolidation

Elearnmarkets by Elearnmarkets
November 18, 2020
in Market Analysis, Market Wrap, Miscellaneous
Reading Time: 4 mins read
0
40
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Nifty (Close 9857.1):

Nifty traded in a very tight range and closed below 5 Day High EMA (presently at approx. 9870.7).

In the near term, Nifty may face a strong resistance at 200 Hourly moving average (presently at approx. 9932.5), which acted as a strong resistance in the last attempt.

Hourly Technical:

Nifty consolidated at the edge of the symmetrical triangle.

The coming week would be very important for Nifty, which would decide the direction of the market going forward.

The probable support in the hourly chart comes at 13 Hour moving average (presently at approx.9847.7).

Join TMP Join TMP Join TMP

On the upside, Nifty may face resistance at 200 Hourly moving average (presently at approx. 9932.5).

Hourly Stochastic and CCI are close to the upper bound of the respective normal zone while RSI is still in the neutral zone. However, Hourly ADX has turned up which suggests that market may see some momentum in the coming week.

Nifty Hourly Chart

Figure: Hourly Chart

Daily Technical:

Nifty has closed below 5 Day High EMA (presently at approx. 9870.7) and it may face strong resistance at the mid-Bollinger line (presently at approx. 9926.3) in the daily chart.

On the downside, the probable support could be seen at 8 DMA (presently at approx.9832.8) and 5 Day Low EMA (presently at approx.9802.6). On the upside, 34 DMA (presently at approx.9903.7) may act as a potential resistance.

The daily RSI, CCI and stochastic are in the neutral zone.

Know more about Technical Analysis by joining: NSE Academy Certified Technical Analysis course.

However, the declining ADX indicates lack of downside momentum.

Nifty Daily Chart

Figure: Daily Chart

Weekly Technical:

In the weekly chart, the overall bearish view due to the presence of long red candle last week is partially negated.

The Nifty has closed above 5 week low EMA (presently at approx. 9757) for the second consecutive week and market taking support from that level is a sign of strength in the weekly chart.

Weekly CCI, RSI, slow stochastic are in the normal zone while weekly ADX looks like topping out.

Overall, Nifty remains neutral to bullish in the weekly timeframe.

Nifty Weekly Chart

Figure: Weekly Chart

Nifty Tech Chart

Figure: Tech Chart

You can watch the video below to know how to interpret the above table:

Bank Nifty

Bank Nifty opened gap up on Monday the 21st of August. Thereafter the Index recovered sharply from its weekly low and closed below the 5 Week High EMA of (24564 approx).

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed at 24724 which is marginally below its 5 Hour Moving Average of 24292. This, however, does not indicate that the Bears have the upper hand yet as the Index has successfully maintained above 5 Hour EMA of its low of (24254 approx). The Index is likely to face immediate resistance around 5 Hour EMA (24340 approx) areas. Bank Nifty has to close convincingly above 200 Hourly MA (24476 approx) before the scales turn in favor of the Bulls.

Hourly RSI and CCI are gradually inching towards the higher end of their normal range. The hourly ADX too is indicating that Bank Nifty is gradually picking up momentum.

Bank Nifty Hourly Chart

Figure: Bank-Nifty Hourly Chart

Daily Technicals:

A quick look at the daily chart indicates that Bank Nifty has closed marginally below the 34 DMA of (24308 approx).

If the Index breaks above the 24480 mark, the next target will be the upper band of Bollinger which is 25284. On the downside, however, if Bank Nifty breaks and closes below 23822, it could drag the Bulls down to 23060 levels.

Daily RSI and CCI indicators, however, suggest that Bank Nifty will trade in a range. ‘

The ADX too has remained towards the bottom.

Bank Nifty Daily Chart

Figure: Bank-Nifty Daily Chart

Weekly Technicals:

The weekly chart shows that Bank Nifty has bounced back from its two week low of 23822. If Bank Nifty closes above 5 Weekly High EMA (24565 approx) in the coming week, it will propel the index to the next target of 25173 (Upper Bollinger) approx. Bank Nifty has taken the support of the 5 weeks Low EMA (23906 approx).

Weekly RSI and CCI, however, is closer to the higher end of the normal range. ADX too is indicating that a major move is on the cards.

Bank Nifty Weekly Chart

Figure: Bank-Nifty Weekly Chart

Bank Nifty Tech Chart

Figure: Bank-Nifty Tech Chart

Tags: english
ShareTweetSend
Previous Post

The Arms Index (TRIN) explained!

Next Post

Nifty At A Make Or Break Juncture, Closed Above 5 Day High EMA

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

Binary Options Trading
Miscellaneous

Tips for Successful Binary Options Trading

September 29, 2022
3.1k
5 Simple Ways to Get Into Forex Trading for Beginners 1
Miscellaneous

5 Simple Ways to Get Into Forex Trading for Beginners

September 21, 2022
11.3k
Top 11 Factors to consider for taking a Personal Loan 2
Miscellaneous

Top 11 Factors to consider for taking a Personal Loan

August 29, 2022
1.4k
Term Plan with or Without Maturity Benefits - What's the Difference? 3
Miscellaneous

Term Plan with or Without Maturity Benefits – What’s the Difference?

September 12, 2022
314

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Facebook-f Twitter Instagram Linkedin-in Youtube Telegram

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

Download App

Categories

  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Technical Analysis
  • Marketshala
  • Miscellaneous

Popular On Elearnmarkets

  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati

© 2023 Elearnmarkets. All Rights Reserved

  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

Get Elearnmarkets App

No Result
View All Result
  • Article Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • Hindi
    • Bengali
    • English
  • Courses
  • Webinars

© 2020 Elearnmarkets All Rights Reserved

Suggested Learning

Technical Analysis Made Easy

Certification in Online Technical Analysis

Online NSE Academy Certified Capital Market Professional (E-NCCMP)