Bank Nifty opened above its 5 Day Low EMA (25205 approx) today . The Index traded in a range of 216 points and closed below its opening price.
In the Hourly Chart, Bank Nifty has closed above its 5 Hour Low EMA of (25240 approx).The Index is likely to face immediate resistance around the 34 Hourly Moving Average (25413 approx). Bank Nifty will find its next support around the 13 Hourly Moving Average ( 25279 approx) .
Hourly RSI stands close to the lower end of the normal range while the CCI is indicating that sentiments are turning neutral. ADX is indicating that Bank Nifty might not undergo major volatility yet.
Figure: Bank Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed marginally above its 5 day low EMA (25291 approx). The Index will face immediate resistance around the 5 DMA (25400 approx). On the downside however, if Bank Nifty breaks and closes below its 13 DMA (25157 approx), it could find support at its 20 DMA (24893 approx).
The daily RSI indicator has closed midway between the normal range.The CCI indicator however is indicating that sentiments are still positive.The ADX indicates that momentum might remain slack.
Figure: Bank Nifty Daily Chart
Figure: Bank Nifty Tech Table
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