Nifty 50

*FOR EDUCATIONAL PURPOSE ONLY!*
*CHARTS ANALYSED USING 9 AND 21 MOVING AVERAGES, MACD AND HISTOGRAM ONLY!
NIFTY 50 (SPOT)

DAILY CHART
There was an attempt to a reversal but frankly, I am not confident as the histogram and MACD still look weak.
Moving Averages (9 & 21) are in a bearish trend, and I don’t see the required strength to be confident that a bullish reversal is on the way yet.
Candles are trading way below 21 MA.
Trend is downwards but cannot be sure as it can be a bullish flag pattern and I will consider this as indecisive.

HOURLY CHART
Now this timeframe paints a different picture.
If you see, the MACD and Histogram have a bullish crossover and the Moving Average are following.
Candles are very close to the 21 MA, but they are not comfortably settling above the MA. I will count this as neutral.
Trend is downwards which makes 2 bearish signals vs 1 bullish signal in this timeframe.

15 MIN CHART
A clean and clear bearish reversal in MACD and Histogram.
Candle is weak below the 21 MA.
Now, it looks like a swing is in action. The charts have hit the upper trendline and has created a downward pattern so it should come down to complete a swing. This move will trigger the bearish crossover in the Moving Averages as well.

My final outlook would be of a downtrend. I am not expecting a huge correction but a normal running correction could be coming tomorrow.