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Home Technical Analysis Market Analysis
Bank Nifty Hourly Chart

Bank Nifty Closes Above 5 Day High EMA, Bulls Maintain Upper Hand

Elearnmarkets by Elearnmarkets
November 18, 2020
in Market Analysis, Market Updates
Reading Time: 2 mins read
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Bank Nifty opened above its 34DMA (24349 approx) on Monday the 28th of August.

The Index traded in a narrow range of 120 points throughout the day and closed marginally below the 5 Day High EMA of (24358 approx)

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed at 24377, below its 5 Hour High EMA of (24377 approx).

The Index is likely to face immediate resistance around the 5 Hour EMA (24385 approx) mark. Bank Nifty has to close convincingly above 34 Hourly MA (24420 approx) before the scales turn in favor of the Bulls.

Hourly RSI and CCI are at the higher end of their normal range.

The hourly ADX too is indicating that Bank Nifty is gradually picking up momentum.

Bank Nifty Hourly Chart

Figure: Hourly Chart

Daily Technicals:

The daily chart indicates that Bank Nifty has closed marginally above the 5 Day High EMA of (24358 approx).

If the Index breaks above the 20 DMA (24471 approx) mark, the next resistance will be 24966.

On the downside, however, if Bank Nifty breaks and closes below its 13DMA (24224 approx), it could find support at the 50DMA area (24047 approx).

While the daily RSI is marginally above its normal range, the CCI indicator has closed slightly below its normal range.

The ADX has closed around its normal range as well.

While the daily RSI is marginally above its normal range, the CCI indicator has closed slightly below its normal range. The ADX has closed around its normal range as well.

Bank Nifty Daily Chart

Figure: Bank Nifty Daily Chart

Bank Nifty Tech Table

Figure: Bank Nifty Tech Table

Watch the video below to know how to analyze the above matrix:

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Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

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Comments 2

  1. ALOK KUMAR MUKHERJEE says:
    3 years ago

    Very good educational topics. May I know how to go for long/short for avery handsome profits in banknifty options. How we can be sure at what point reversal has to take ina day trading banknifty. Banknifty moves 400 point plus/minus in average

    Reply
    • Sakshi Agarwal says:
      3 years ago

      Hi,

      Thank you for Reading. We do not give any recommendations.

      Keep Reading

      Reply

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