Know More About the Nifty 50 Chart in Trading

Bank Nifty prediction
Bank Nifty prediction

The NIFTY 50 is one of the two main stock indices used in India, the other being the BSE SENSEX. Basically, it’s a fancy number that represents the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange Mumbai. The nifty 50 index is a stockmarket index of the top 50 companies listed on the National Stock Exchange of India. It represents the weighted average of these 50 companies. This video is intended to be helpful, but no guarantee is made. The nifty fifty, also known as the NIFTY 50, is the index for India’s largest companies. It was created in 1994 and has grown to be the primary benchmark of Indian stocks. The nifty 50 are the stocks that make up the NIFTY INDEX. This index combines some of the major companies in India such as ICICI Bank, HDFC Bank, Reliance Industries and Tata Motors. The stocks in this index are traded on the NSE where you can find real time quotes for them on the nifty page.

The nifty 50 chart is a 4 hour chart and it has formed a ‘Rounded bottom’ pattern, which shows that prices have not made new 52 week lows (this can be verified using the nifty’s website and a nifty chart). The nifty has traded higher and yet closed flat on the last session. We expect to see a gap down today. The market is expected to continue on short covering based on the current price action, once the same break above the stiff resistance level near 18300. The upside rally could be testing all the way up to 18450-18600 levels in the upcoming sessions. Alternatively, if the market struggles to break the support, then it might retest the same and revise the trend to bearish/sideways mode once again as long as the crucial support, moved near 18150. A slide to 18000-17850 is also a possibility if the price makes or break below the current support level.

The Bank Nifty prediction has currently formed a rounding bottom pattern on the daily Time frame, off which it is expected to bounce back, even though if you look at it in the short term and the bank nifty is on a negative note. However, this market correction was evident since quite some time now. We have been entering short positions since April and have successfully booked profits as well. Since our last recommendation we have booked around 4-5% profits and hence considering the same, we are not pointing towards going long on this market. Today is the fifth trading session of the month and there is some negative pressure on bank nifty. The market has been shifting up and down, moving between 38800 to 39450. But yesterday it closed on a red note. The gap between today’s opening price and today’s low level might open on a sharp negative note as well. It might break down the support level to experience another fall as per the current momentum.