NIFTY | Analysis for 26-Aug-2024

NIFTY | 26-AUG-2024

Monthly time frame
NIFTY has been consistently riding along the upward magenta parallel channel
NIFTY riding above 20-, 50- & 200-month moving averages
RSI = 80, indicating ultra bullish momentum
MACD is above the 0 line and in green zone, indicating bullish momentum
Volumes have been consistent month on month
2 months’ worth of SIPs in FY 2024-25 is equal to whole of FY 2016-17
Since 2019 investment by DIIs has outpaced FIIs, sign of strong domestic demand
7% of the population participates in India vs 60%+ participation in USA

Weekly time frame
NIFTY has been consistently riding along the upward white parallel channel
NIFTY riding above 20-, 50- & 200-week moving averages
RSI > 70, indicating strong bullish momentum
MACD above the 0 line & in green zone, indicating bullish momentum

Daily time frame
NIFTY on the up move after a recent “higher low” formation
NIFTY riding above 20-, 50- & 200-day moving averages
RSI > 60, indicating build-up of bullish momentum
MACD crossover just done and is above 0 line, indicating momentum build up

Levels to watch out for
Monthly Timeframe: NIFTY is bullish until it goes below 21,300
Weekly Timeframe: NIFTY is bullish until it goes below 23,400
Daily Timeframe: NIFTY is bullish until it goes below 23,900
Hourly Timeframe:
a) NIFTY is sideways between 24,700 – 25,100
b) NIFTY is bullish above 25,100 (Target could be 25,700)
c) NIFTY is bearish below 24,700 (Target could be 24,300)