Nifty close 10230.9: Nifty breaks its previous resistance with a gap up of around 50 points and closed very close to its new all time high.
Hourly Technical:
In the hourly chart, Nifty opened gap up and closed above most short term moving averages suggesting strength. The probable support in the hourly chart comes at 13 Hour moving average (presently at approx.10198.7), 20 Hour moving average (presently at approx. 10165.4) and 34 moving average (presently at approx. 10105.9).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10281.9).
Hourly CCI, RSI and Stochastic are in the overbought zone suggesting strength. Overall Nifty remains bullish in the Hourly chart.
Figure: Hourly Chart
Daily Technical:
In the daily chart, Nifty has been rising since the last three consecutive days and has closed above 5 Day High-Low EMA band suggests bulls in total control. The probable support in the daily chart comes at 5 DMA (presently at approx.10099.3) and 5 Day High EMA (presently at approx.10143.8).
On the upside, Nifty may face resistance at upper Bollinger line (presently at approx. 10270.4).
Daily CCI and Stochastic are in the overbought zone while RSI is very close to the upper bound suggesting strength in the daily chart as well. Moreover, ADX has again turned up which suggests that the present momentum may continue in the coming days.
Figure: Daily Chart
Figure: Tech Table
