Nifty (Close 9952.2) : Nifty consolidates in today’s trading session but the bulls took over in the second half and managed to close above 9950.

Hourly Technical:
In the Hourly chart, Nifty closes above most short term moving averages. The probable support in the hourly chart comes at 20 Hour moving average (presently at approx.9934.7), 34 Hour moving average (presently at approx.9922.5) and 50 Hour moving average (presently at approx.9901.3).

On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 9988.9).

Hourly CCI and Stochastic are close to the upper bound of the respective normal zone. However, RSI is in the normal zone. The falling ADX indicates fall in downside momentum. Overall, Nifty remains neutral to bullish in the Hourly chart.

Figure: Hourly Chart
Daily Technical:
In the Daily chart, Nifty took support from 8 DMA (presently at approx. 9901) and closed just below 5 Day High EMA (presently at approx. 9954.6). The probable support in the hourly chart comes at 34 DMA (presently at approx. 9921.9), 8 DMA (presently at approx. 9901) and 20 DMA (presently at approx. 9874.4).

On the upside, Nifty may face resistance at upper Bollinger line (presently at approx.10040.9).

Daily Stochastic has entered the overbought zone. CCI and RSI are still in the normal zone. The falling ADX indicates fall in momentum. Overall, Nifty remains neutral in the Daily chart.