Bank Nifty opened above its 5 Day Low EMA (24417 approx) today the 6th of October. The Index traded in a range of 168 points throughout the day and closed above the 5 DMA at (24190 approx).
In the Hourly Chart, Bank Nifty has closed above its 5 Hour Low EMA of (24190 approx).The Index is likely to face immediate resistance around the 100 Hourly Moving Average (24274 approx). Bank Nifty will likely find support around the 34 Hourly Moving Average ( 24116 approx).
Hourly RSI stands close to the upper end of the normal range while the CCI is close to the 100 mark. 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 the 5 days high EMA of (24240 approx). If the Index breaks above the consolidation range of 24242, the next resistance area will be the 34DMA (24371 approx). On the downside, however, if Bank Nifty breaks and closes below its 100 DMA (23964 approx), it could find support at the lower end of the Bollinger Band (23675 approx).
The daily RSI indicator has closed midway between the normal range.The CCI indicator, however, has closed below its lower range, while the ADX indicates that momentum might be picking up.
Figure: Bank-Nifty Daily Chart
The weekly chart indicates that Bank Nifty has closed above the 5 Weekly EMA at(24190 approx). The Index will face major resistance around the 5 Weekly MA (24366 approx). On the downside Bank Nifty will find support around the 20 weekly Moving Average (24000 approx).
The Weekly RSI has closed near the 70 mark. The weekly CCI to is at the lower end of the normal range. Weekly ADX indicates that volatility is expected in the days ahead.