NIFTY 50 seems to be in uptrend. Bullish
NIFTY 50 is trading near the highs of last 1 year.
In the medium term the prices have been in Uptrend.
Longer to medium Term Trend is Up.
Japanese candlestick analysis:
NIFTY 50 is trading near the Top of the day's range.
Higher High and Higher Low compared to previous day. Bullish
Day's Range: 8625.25 ~ 8674.70
NIFTY 50 opened at 8636.95 compared to previous close of 8615.80
2016-07-28 was NR7 day. NR7 day after a trending move usually implies loss of momentum in trend. Range expansion is likely after NR7 day.
Day's pivot point levels (support and resistance):
NIFTY 50 is trading Above the pivot.
Pivot Point 8,655.42
Pivot Point Resistance at 8,685.58(R1) --> 8,704.87(R2) --> 8,754.32(R3) --> 8,803.77(R4)
Pivot Point Supports at 8,636.13(S1) --> 8,605.97(S2) --> 8,556.52(S3) --> 8,507.07(S4)
*pivot points are calculated based on the closing data of 2016-07-28
volume and moving average analysis:
20-Day SMA: 8,488.1
20-Day average volume: 177,548,850
20-Day Range: 8,242.1 ~ 8,674.7
NIFTY 50 has average daily volume of 177,548,850 compared to today's volume of 240,691,000. It is currently trading Above 20 day simple moving average.
50-Day SMA: 8,263.9
50-Day average volume: 194,318,320
50-Day Range: 7,715.8 ~ 8,674.7
Short Term Trend is Up!!!
NIFTY 50 has a support around the gap up area between today's low and previous close 8615.80 ~ 8625.25
8625.25 to act as intraday support.
52 Week Range: 6825.80 ~ 8674.70
It is currently trading about 0% below it's 52-week high.
NIFTY 50 has made a new 52-week high today at 8674.70.
For any stock, the 52-week high event is an important milestone because it implies strong buying momentum.