Bank Nifty opened at 24136, the Index moved by 187 points today and closed at its Mid Bollinger (24222 approx).
Hourly Technicals:
In the Hourly Chart, Bank Nifty has closed above its Mid Bollinger (24172 approx).The Index is likely to face its first resistance around its 100 hourly DMA( 24319 approx). If Bank-Nifty breaks and closes below the 8 hourly DMA( 24211 approx), it will find its next support at the 13 hourly DMA ( 24152 approx).
Hourly RSI stands midway between the normal range. The ADX is indicating that high volatility is unlikely.
Figure: Bank-Nifty Hourly Chart
Daily Technicals:
The daily chart indicates that Bank Nifty has closed at its Mid Bollinger (24222 approx). The Index will face resistance around the 13 DMA (24307 approx). On the downside however, Bank Nifty will find support around the 100 DMA ( 24120 approx).
The daily RSI has closed midway between the normal range. The CCI however is indicating slight negitave sentiments.The ADX indicates lack of momentum.
Figure: Bank-Nifty Tech Table
Figure: Bank-Nifty Daily Chart
