Nifty close 10093.1: Nifty opened gap up and steadily moved up in today’s session with it inching towards 10,100. As mentioned in last day’s report that Nifty has turned bullish in both hourly and daily timeframe and bulls are in full control, proved true in today’s session.
In the Hourly chart, Nifty has closed above all short term moving averages suggesting strength of the bulls. The probable support in the hourly chart comes at 8 Hour moving average (presently at approx. 10063.8) and 13 Hour moving average (presently at approx. 10043.2).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10117.6).
Hourly CCI, RSI, Stochastic are in the overbought zone. However, the rising ADX indicate gain in upside momentum. Overall Nifty remains Bullish in Hourly timeframe.
Figure: Nifty Hourly Chart
Nifty has closed above 5 Day High EMA for the second consecutive day. The previous top (at approx 10138) may act as a resistance in the near term, crossing which Nifty will enter into an unchartered territory.
The probable support in the hourly chart comes at 5 Day High EMA (presently at approx.10019).
Daily Stochastic and CCI are in overbought zone and RSI is close to the upper bound of the normal zone. Overall Nifty remains Bullish in Daily timeframe.
Figure: Nifty Daily Chart
Figure: Nifty Tech Table
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