Bank Nifty opened at 25048 this morning, the Index moved by 125 points today and closed marginally above its 5 day high EMA (24982 approx).
In the Hourly Chart, Bank Nifty has closed below its 5 hourly high EMA (25019 approx).The Index is likely to face its first resistance around its upper Bollinger Band ( 25105 approx).
If Bank Nifty breaks and closes below its 13 hourly MA(25016 approx), it will find its next support around its 20 hourly MA(24984 approx). The next support area for the index is around its 50 hourly MA ( 24804 approx).
Hourly RSI stands midway between the normal range. The CCI is indicating sentiments are positive.The ADX is indicating that volatility is likely.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25019 approx).
The Index will face resistance around its upper bollinger band(25179 approx). On the downside however,if Bank Nifty will find its next support around the 5 DMA(24981 approx), on breaking which, the next support area is the 13 DMA (24610 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