NSEI breaks below previous session low
NSEI ended Thursday at 10808.05 losing INR48.65 (-0.45%). Closing below Wednesday's low at 10842.65, the market confirms its breakout through the prior session's low having traded INR69.10 below it intraday.
Thursday's trading range was INR60.15 (0.56%), that's far below last trading month's daily average range of INR92.73. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 10770.30.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 10893.25 where further buy stops might get triggered. Further buying could move prices higher should the market test May's close-by high at 10929.20.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for NIFTY 50
|Down Close Near Low of Period||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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