Nifty 50
Daily Charts (Medium to Long Term view)
The current trend is sideways but I am unable to decide if the pattern I see is bearish or bullish. So then we move on to other indicators and my favorite is RSI
RSI has a reversal and is moving upwards. We have to see if it maintains the upmove and crosses the 50 levels to be sure that Nifty 50 may be ready to fly.
The candles are still below the 20 moving average so I wouldn't be very confident yet.
Hourly Charts (Short to Medium Term view)
The purple line shows a double bottom which is a bullish pattern.
RSI resisted the 50 levels but I think that Nifty 50 does have a lot of strength and we'll see RSI cross into the bullish range.
MACD too is showing a reversal.
The current trend is still a downtrend but it can be broken soon.
15m Charts (Intraday views)
An uptrend is seen but not as strong as we'd like. We won't go short but we'll buy on dips.
RSI is taking support on 50 RSI which is a good sign.
MACD indicates weakness.
Buy on dips.
Daily Charts (Medium to Long Term view)
The current trend is sideways but I am unable to decide if the pattern I see is bearish or bullish. So then we move on to other indicators and my favorite is RSI
RSI has a reversal and is moving upwards. We have to see if it maintains the upmove and crosses the 50 levels to be sure that Nifty 50 may be ready to fly.
The candles are still below the 20 moving average so I wouldn't be very confident yet.
Hourly Charts (Short to Medium Term view)
The purple line shows a double bottom which is a bullish pattern.
RSI resisted the 50 levels but I think that Nifty 50 does have a lot of strength and we'll see RSI cross into the bullish range.
MACD too is showing a reversal.
The current trend is still a downtrend but it can be broken soon.
15m Charts (Intraday views)
An uptrend is seen but not as strong as we'd like. We won't go short but we'll buy on dips.
RSI is taking support on 50 RSI which is a good sign.
MACD indicates weakness.
Buy on dips.