Bank Nifty opened above its 5 Day High EMA at (24412 approx) today. The Index corrected by 400 points from its intraday high of 24458 and closed below its 5 day Low EMA (24114 approx).
In the Hourly Chart, Bank Nifty has closed below its 100 hourly DMA of (24139 approx).The Index is likely to face immediate resistance around its 5 hourly EMA Low of (24153 approx). Bank Nifty will find its next support around the lower range of the Hourly Bollinger Band (24085 approx).
Hourly RSI has tilted towards the lower end of the normal range, while the hourly CCI has turned negative. The ADX is indicating that mild volatility is on the cards.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed 15 points above its 34 DMA (24392 approx). The Index will face multiple resistance around its 5,8 and 13 DMA mark. On the downside however, if Bank Nifty breaks and closes below its 34 DMA (24392 approx), it could find support near the lower range of the Bollinger Band (23600 approx).
The daily RSI indicator has closed mid way between the normal range.The CCI indicator has turned negative however the ADX indicates momentum might be picking up.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table
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