Bank Nifty opened above its 5 day low EMA (24346 approx). The Index moved by 177 points intraday and closed at its 20 DMA ( 24313 approx).
In the Hourly Chart, Bank Nifty has closed at its 5 hourly low EMA of (24313 approx).The Index is likely to face its first resistance around its 5 hourly high EMA( 24370 approx). If Bank-Nifty breaks and closes below the 5 hour low EMA( 24313 approx), it will find its next support at the lower end of the hourly Bollinger ( 24177 approx).
Hourly RSI stands midway between the normal range. CCI however shows that sentiments have turned negative. The ADX is indicating that high volatility is unlikely.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed marginally above its 13 day DMA of (24303 approx). The Index will face resistance around the 50 DMA (24378 approx). On the downside however, Bank-Nifty will find support around the 100 DMA ( 24090 approx).
The daily RSI has closed midway between the normal range.The ADX indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table
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