Bank Nifty opened around its 5 High DMA (24355 approx) today the 31st of August. The Index traded in a narrow range of 147 points throughout the day and closed marginally above the 5 DMA of (24281 approx).
In the Hourly Chart, Bank Nifty has closed around its 5 Hour High EMA of (24315 approx).The Index is likely to face immediate resistance around the 5 Hour High EMA (24348 approx) mark. Bank-Nifty has to close convincingly above 24379 for the Bulls to retain the stakes in their favor.
Hourly RSI and CCI are close to the higher end of their normal range. The hourly ADX is indicating that Bank Nifty is likely to remain flattish.
Figure: Hourly Chart
The daily chart indicates that Bank Nifty has closed below the 5 Day High EMA of (24355 approx). If the Index breaks above the 34 DMA (24388 approx) mark, the next resistance will be 24496. On the downside however, if Bank-Nifty breaks and closes below its 50DMA (24089 approx), it could find support at the lower Bollinger Band area (23744 approx).
While the daily RSI is marginally above its normal range, the CCI indicator has closed slightly below its normal range. The ADX has closed towards the lower end of its normal range as well.
Figure: Daily Chart
Figure: Tech Table
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