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Home Technical Analysis Market Analysis
Bank Nifty Hourly Chart

Surprise Recapitalization Injects Fresh Blood Into Bank Nifty

Elearnmarkets by Elearnmarkets
September 7, 2023
in Market Analysis, Market Wrap
Reading Time: 2 mins read
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Bank Nifty opened at 24838 this morning, the Index moved by 190 points today and closed below its upper Bollinger (25020 approx).

Hourly Technicals:
In the Hourly Chart, Bank Nifty has closed below its Mid Bollinger (24840 approx).If the Index trades above its 5 hourly high EMA, it will face the next resistance around the upper Bollinger Band( 25136 approx). Bank Nifty will find its next support at is 34 hourly MA (24707 approx).

Hourly RSI stands mid way between the normal range. The CCI is indicating sentiments are negative.The ADX is indicating that volatility is likely.

Nifty 50 hourly technical RSI stands mid way between the normal range. The CCI is indicating sentiments are negative. The ADX is indicating that volatility is likely.

Figure: Bank-Nifty Hourly Chart

Daily Technicals:
The daily chart indicates that Bank Nifty has closed below its Upper Bollinger (25020 approx). The Index will face resistance around its recent high of 25199. On the downside however, Bank Nifty will find support around its 5 DMA(24641 approx). The next support for the index will be around its 8 DMA (24500 approx).
The daily RSI has closed midway between the normal range. The CCI however is indicating massive positive sentiments.The ADX indicates lack of momentum.

Surprise Recapitalization Injects Fresh Blood Into Bank Nifty 1

Figure: Bank-Nifty Daily Chart

Weeky Technicals:
The weekly chart indicates, Bank Nifty has closed marginally below its 5 week high EMA (24856 approx). The index is likely to face its next resistance around the upper band of the weekly bollinger (25142 approx). On the downside, Bank Nifty will find its next support around its 8 weekly DMA (24420 approx).

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The weekly RSI stands close to the higher end of the normal range. The weekly CCI is indicating that positive sentiments are intact. The ADX however shows that volatility is likely.

Bank Nifty weekly technical RSI stands close to the higher end of the normal range. CCI is indicating positive sentiments and ADX shows volatility.

Figure: Bank-Nifty Weekly Chart

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Previous Post

Nifty Broke Out Of Three Month Consolidation, Staring At Blue Sky

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Nifty Goes Down Below 10600 on Macroeconomic Woes

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