Bank Nifty opened above its 5 Day High EMA (25824 approx) today . The Index traded in a range of 139 points and closed above its opening price.
In the Hourly Chart, Bank Nifty has closed below its 5 hourly high EMA of (25797 approx).The Index is likely to face immediate resistance around its 8 HMA(25795 approx). Bank Nifty will find its next support around the 34 HMA ( 25660 approx) below which, the next support will be at its 50 HMA (25541 approx)
Hourly RSI stands closed near the upper end of the normal range while the CCI is indicating that sentiments are turning negative. ADX is indicating that Bank Nifty might undergo volatility.
Figure: Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25758 approx). The Index will face immediate resistance around its upper bollinger band (25881 approx). On the downside however, if it breaks and closes below its intraday low (25728 approx), it could find support at its 5 day low EMA (25565 approx).
The daily RSI indicator has closed near the higher end of the normal range.The CCI indicator however is indicating that sentiments are positive.The ADX indicates that momentum might remain slack.
Figure: Daily Chart
Figure: Bank Nifty Tech Table
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