Nifty close 10309: Nifty opened gap of 50 points but ended on a flatter note. The index for the second consecutive day took support from the 20 Day SMA and closed marginally higher.
In the hourly chart, Nifty bounced from the lower Bollinger line after 100 point correction in the first half of the trade.
The probable support in the hourly chart comes at Lower Bollinger line (presently at approx.10274.4) and 200 Hourly Moving average (presently at approx.10220).
On the upside, Nifty may face resistance at 20 Hour moving average (presently at approx. 10334.7) and 100 Hour moving average (presently at approx. 10364.6).
Hourly CCI, Stochastic and RSI are in the normal zone while ADX was almost flat suggesting loss of momentum. Overall, Nifty remained neutral to bearish in the Hourly chart.
Figure: Nifty Hourly Chart
In the daily chart, Nifty took support from 20 DMA and ended marginally below 5 Day Low EMA. The probable support in the daily chart comes at 20 DMA (presently at approx.10293.6).
On the upside, Nifty may face resistance at 13 DMA (presently at approx.10353.8) and 5 DMA (presently at approx.10373.3).
Stochastic, CCI and RSI are in the normal zone while ADX has also turned down suggesting loss of upside momentum. Overall Nifty remains neutral to bearish in the daily chart.
Figure: Nifty Daily Chart
Figure: Nifty Tech Table
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