Bank Nifty likely to See Major Moves In The Days Ahead

Bank Nifty opened at 24919 this morning, the Index moved by 300 points today and closed marginally above its upper Bollinger (25022 approx).

Hourly Technicals:
In the Hourly Chart, Bank-Nifty has closed above its Mid Bollinger (24799 approx).The Index is likely to face its first resistance around its 5 hourly high EMA ( 25077 approx). If Bank Nifty breaks and closes above its 5 hourly MA, it will face its next resistance around the upper band of the hourly bollinger. Bank Nifty will find its next support at the 20 hourly MA ( 24800 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 likely.

Figure: Bank-Nifty Hourly Chart

Daily Technicals:
The daily chart indicates that Bank Nifty has closed above its Upper Bollinger (25022 approx). The Index will face resistance around its recent high of 25199. On the downside however,if Bank Nifty breaks and closes below its 5 day high EMA, it will find support around its 8 DMA (24505 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