NIFTY | 30-AUG-2024 |

NIFTY | 30-AUG-2024 |

Weekly time frame
NIFTY heading towards the upper part of the white parallel channel (resistance)
NIFTY riding above 20-, 50- & 200-week moving averages
RSI = 70, indicating strong bullish momentum
MACD well above the 0 line & in green zone, indicating bullish momentum

Daily time frame
NIFTY crossed the previous all-time high intraday & also closed above it
NIFTY riding above 20-, 50- & 200-day moving averages
RSI > 65, indicating bullish momentum
MACD crossover extended & is above 0 line, indicating momentum

Hourly time frame
NIFTY closed above the yellow resistance line & above previous all-time high
NIFTY riding above 20-, 50- & 200-hour moving averages
RSI = 70, bullish momentum still consolidating
MACD above 0-line, momentum still intact

Levels to watch out for:

Long-term view
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

Short-term view:
a) NIFTY is sideways between 24,850 – 25,100
b) NIFTY is bullish above 25,100 (Target could be 25,500)
c) NIFTY is bearish below 24,850 (Target could be 24,500)