Bank Nifty opened at 25537 this morning, the Index moved within a range of 160 points today and closed above its 5 day high EMA (25571 approx).
In the Hourly Chart, Bank Nifty has closed below its 5 hourly high EMA (25628 approx).The Index is likely to face its first resistance around its 13 hourly MA ( 25602 approx). If Bank Nifty breaks and closes below its 20 hourly MA(25558 approx), it will find its next support around its 34 hourly MA( 25495 approx) . The next support area for the index is around its 50 hourly MA ( 25335 approx).
Hourly RSI stands near the higher end of the normal range. The CCI is indicating sentiments are turning neutral.The ADX is indicating that volatility is unlikely.
Figure: Bank Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25571 approx). The Index will face resistance around its upper bollinger band(25762 approx). On the downside however,if Bank Nifty breaks and closes below its 5 day high EMA(25525 approx), it will find support around its 5 DMA (25431 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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