NIFTY | 29-AUG-2024

NIFTY | 29-AUG-2024 |

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 well above the 0 line & in green zone, indicating bullish momentum

Daily time frame
NIFTY crossed the previous all-time high intraday but could not sustain while closing
NIFTY riding above 20-, 50- & 200-day moving averages
RSI > 60, indicating bullish momentum
MACD crossover extended & is above 0 line, indicating momentum

Hourly time frame
NIFTY continues to consolidate along the yellow resistance line
NIFTY riding above 20-, 50- & 200-hour moving averages
RSI > 60, bullish momentum still intact
MACD above 0-line, momentum still intact

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)