Bank Nifty opened above its 5 Day High EMA (24862 approx) today the 14th of September. The Index traded in a range of 166 points throughout the day and closed above the upper range of the Bollinger Band at 24912.
In the Hourly Chart, Bank Nifty has closed at its 5 DMA of (24912 approx).The Index is likely to face immediate resistance around 25000 mark.If Bank-Nifty breaks above 25000, the next resistance area will be (25200 approx).
Hourly RSI and CCI stands perfectly poised at the higher end of the normal range while the ADX is indicating that volatility is on the cards.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above the 5 day high EMA of (24815 approx). If the Index breaks above the 25000 mark, the next resistance will be 25200. On the downside however, if Bank Nifty breaks and closes below its 5 Day low EMA (24627 appr ox), it could find support at the 34 DMA(24478 approx).
The daily RSI and CCI indicator has closed near the upper end of the normal range.The ADX however indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank Nifty Tech Table