Bank Nifty opened at 25239 this morning, the Index moved by 306 points today and closed above its 5 day high EMA (25490 approx).
In the Hourly Chart, Bank Nifty has closed at its 5 hourly high EMA (25490 approx).The Index is likely to face its first resistance around its upper Bollinger Band ( 25632 approx). If Bank Nifty breaks and closes below its 8 hourly MA(25458 approx), it will find its next support around its 13 hourly MA( 25295 approx) . The next support area for the index is around its 18 hourly MA ( 25213 approx).
Hourly RSI stands near the higher end of the normal range. The CCI is indicating sentiments are turning positive.The ADX is indicating that volatility is likely.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25490 approx).
The Index will face resistance around its intraday high (25545 approx). On the downside however,if Bank Nifty breaks and closes below 25170, it will find support around its 5 DMA (25072 approx).
The daily RSI has closed near its upper range. The CCI however is indicating massive positive sentiments.The ADX indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table
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