Bank Nifty opened above its 5 day high EMA (24695 approx). The Index moved by 236 points intraday and closed 40 points below its 5 day high EMA ( 24645 approx).
In the Hourly Chart, Bank Nifty has closed above its 5 hourly low EMA of (24625 approx).The Index is likely to face its first resistance around its 20 hourly moving average. If Bank Nifty breaks and closes below the 5 hour low EMA( 24625 approx), it will find its next support at the 34 hourly moving average ( 24522 approx).
Hourly RSI stands midway between the normal range. CCI however shows that sentiments might are mildly positive. The ADX is indicating that high volatility is unlikely.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed marginally below its 5day high EMA of (24645 approx). The Index will face resistance around the upper end of the bollinger band (25017 approx). On the downside however, Bank Nifty will find support around the 5 DMA ( 24501 approx).
The daily RSI and CCI has closed midway between the normal range.The ADX indicates that heavy momentum might not be likely.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table
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