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Nifty 50 Analysis and Trade Observation for July 20, 2023

July 20, 2023 NIFTY 50 5 HR CHART #GOINVESTER #NIFTY50 #NIFTY #NIFTYSHAREPRICE


Synopsis: This article presents an analysis of the NIFTY 50 index with 5-hour chart data. It explores various technical indicators, pivot points, and moving averages to identify potential entry and exit points for trades on July 20, 2023.


The NIFTY 50 index is a benchmark index for the Indian stock market, comprising 51 components. On July 20, 2023, it opened at 19,831.70 and had a day's range of 19,758.40 to 19,869.40. In this article, we analyze the 5-hour chart data and explore key technical indicators and moving averages to determine trading opportunities.

Technical Indicators Analysis:

  • RSI (14): 73.981 (Buy) - Indicates a bullish trend.

  • STOCH (9,6): 99.300 (Overbought) - Suggests the market may be overbought.

  • STOCHRSI (14): 96.744 (Overbought) - Indicates a potential correction.

  • MACD (12,26): 172.600 (Buy) - Shows a bullish crossover signal.

  • ADX (14): 50.233 (Buy) - Suggests a strong trend.

  • Williams %R: -0.063 (Overbought) - Shows the market is near the upper range.

  • CCI (14): 114.4847 (Buy) - Indicates an uptrend.

  • ATR (14): 106.4961 (High Volatility) - Implies significant price movement.

  • Highs/Lows (14): 194.9079 (Buy) - Signals an upward trend.

  • Ultimate Oscillator: 64.989 (Buy) - Shows positive momentum.

  • ROC: 2.096 (Buy) - Suggests an upward price movement.

  • Bull/Bear Power (13): 275.2596 (Buy) - Indicates strong buying pressure.


5 HR CHART NIFTY50 JULY20
Source www.investing.com

Pivot Points:

  • Classic:

    • Support 1 (S1): 19,773.96

    • Pivot Point: 19,811.43

    • Resistance 1 (R1): 19,870.61


  • Fibonacci:

    • Support 1 (S1): 19,774.51

    • Pivot Point: 19,811.43

    • Resistance 1 (R1): 19,871.16


  • Camarilla:

    • Support 1 (S1): 19,824.29

    • Pivot Point: 19,811.43

    • Resistance 1 (R1): 19,859.73


Moving Averages:

  • MA5: 19,796.66 (Buy) - Indicates a bullish trend.

  • MA10: 19,678.26 (Buy) - Suggests an uptrend.

  • MA20: 19,548.32 (Buy) - Signals a positive market sentiment.

  • MA50: 19,238.90 (Buy) - Implies a strong upward trend.

  • MA100: 18,904.29 (Buy) - Suggests a positive long-term outlook.

  • MA200: 18,309.59 (Buy) - Indicates a bullish market sentiment.

Trade Observation for July 20, 2023: Based on the technical analysis and indicators, here are the trade observations:

  • The NIFTY 50 index shows a strong bullish trend, with multiple technical indicators supporting a "Strong Buy" sentiment.

  • The RSI (14) is in the "Buy" zone, indicating positive momentum.

  • The MACD (12,26) has a bullish crossover signal, suggesting potential entry points for long trades.

  • The pivot points provide critical levels to watch for potential reversals or breakout opportunities.

  • The moving averages are all in the "Buy" zone, further supporting the bullish sentiment.

Conclusion: The NIFTY 50 index is exhibiting a strong bullish trend on the 5-hour chart for July 20, 2023. The technical indicators, pivot points, and moving averages collectively suggest a "Strong Buy" sentiment. Traders may consider looking for entry points during potential pullbacks or breakouts, keeping a close eye on the identified support and resistance levels. However, it is crucial to exercise caution and perform further analysis before making any trading decisions.


Disclaimer: Trading in the stock market involves risks, and the information provided here is for educational purposes only. Please consult with a financial advisor or conduct your research before making any investment or trading decisions.

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