Bank Nifty opened above its 5 Day Low EMA (25237 approx) today . The Index traded in a range of 213 points and closed below its opening price.
In the Hourly Chart, Bank Nifty has closed at its 5 hourly EMA of (25446 approx).The Index is likely to face immediate resistance above its upper bollinger band (25460 approx).If Bank Nifty breaks and closes below next support around the 5 Hourly EMA ( 25415 approx), it will find its next support at 13 HMA (25310 approx)
Hourly RSI stands close to the upper end of the normal range while the CCI is indicating that sentiments are positive. 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 below its 5 day high EMA (25457 approx). The Index will face immediate resistance around its upper bollinger band (26029 approx). On the downside however, if Bank Nifty breaks and closes below its 5 day low EMA (25238 approx), it could find support at its 20 DMA (25097 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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