Bank Nifty opened below its 5 Day low EMA (25410 approx) today . The Index traded in a range of 288 points and closed below its opening price.
Hourly Technicals:
In the Hourly Chart, Bank Nifty has closed below its 5 hourly low EMA of (25191 approx).The Index is likely to face immediate resistance around its 8 HMA (25307 approx). If Bank Nifty breaks and closes below its hourly low (25191 approx), the next support will be at the lower end of the bollinger band (25095 approx)
Hourly RSI stands towards the lower range, while the CCI is indicating that sentiments are negative. ADX is indicating that Bank Nifty might not undergo volatility.
Figure: Bank-Nifty Hourly Chart
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Daily Technicals:
The daily chart indicates that Bank Nifty has closed above its 50 DMA (24916 approx). The Index will face immediate resistance around the 34 DMA (25241 approx). On the downside however, if Bank-Nifty breaks and closes below 25152 it could find support at its 100 DMA (24674 approx).
The daily RSI indicator has closed midway between the normal range.The CCI indicator however is indicating that sentiments are negative.The ADX indicates that momentum might remain slack.
Figure: Bank-Nifty Daily Chart
Weekly Technicals
The weekly chart indicates that Bank Nifty has closed above its 8 Weekly MA (25191 approx). The Index will face immediate resistance around the 5 weekly high EMA (25744 approx). On the downside however, if Bank Nifty breaks and closes below 25152 it could find support at its 20 weekly EMA (24693 approx).
The weekly RSI indicator has closed near the upper end of the normal range.The CCI indicator however is indicating that sentiments are posetive.The ADX indicates that momentum might remain slack.
Figure: Bank-Nifty Weekly Chart
Figure: Bank-Nifty Tech Table
