Bank Nifty Likely To Remain Mildly Bullish

by Elearnmarkets on Market Analysis, Market Wrap

Bank Nifty opened at its 5 Day High EMA (25661 approx) today. The Index traded in a range of 130 points and closed above its opening price.

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed at its 5 hourly high EMA of (25650 approx).The Index is likely to face immediate resistance around its hourly upper bollinger (25697 approx). Bank Nifty will find its next support around its 5 hour low EMA ( 25600 approx) below which, the next support will be at its 50HMA (25569 approx)

Hourly RSI stands midway between the normal range while the CCI is indicating that sentiments are positive. ADX is indicating that Bank Nifty might not undergo volatility.

Figure: Bank Nifty Hourly Chart

Daily Technicals:

The daily chart indicates that Bank Nifty has closed below its 5 day high EMA (25648 approx). The Index will face immediate resistance around its intraday high (25693 approx). On the downside however, if Bank Nifty breaks and closes below its 5 DMA (25621 approx), it could find support at its 5 day low EMA (25440 approx).

The daily RSI indicator has closed midway between the normal range.The CCI indicator however is indicating that sentiments are positive.The ADX indicates that momentum might remain slack.

Figure: Bank Nifty Daily Chart

Weekly Technicals:

The weekly chart indicates that Bank Nifty has closed at its 5 week high EMA (25652 approx). The Index will face immediate resistance around the upper weekly bollinger band (26094 approx). On the downside however, if Bank Nifty breaks and closes below its 8 WMA (25532 approx), it could find support at its 5 weekly EMA (25476 approx).

The weekly RSI indicator has closed near the upper range.The CCI indicator however is indicating that sentiments are positive.The ADX indicates that momentum might remain slack.

Figure: Bank Nifty Weekly Chart

Figure: Bank Nifty Tech Table

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