Nifty close 10141.2: Nifty opened near its lifetime high but ended on a flatter note as investor awaits Fed meeting for rate clues. However after consolidating in a mere 35 points range, it ended partially lower.
Hourly Technical:
In the Hourly chart, Nifty after consolidating in a mere 35 points range, it ended partially lower. The probable support in the hourly chart comes at 34 Hour moving average (presently at approx. 10127.1) and 50 Hour moving average (presently at approx. 10117.4).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10164).
Hourly RSI and Stochastic are in the normal zone while CCI is very close to the lower threshold level. Moreover, falling ADX indicates loss of momentum. Overall Nifty remains Bullish to neutral in Hourly timeframe.
Figure: Hourly Chart
Daily Technical:
In the daily chart, Nifty has closed below 5 Day High EMA (presently at approx. 10148.8) but it is still above most short term moving averages. The probable support in the daily chart comes at 5 DMA (presently at approx.10122.8) and 5 Day Low EMA (presently at approx. 10101.3).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10194.5).
Daily Stochastic, RSI and CCI are in overbought zone and Daily ADX has finally turned up thus indicating gain in momentum. Overall Nifty remains Bullish in Daily timeframe.
Figure: Daily Chart
Figure: Tech Table
