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

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.

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.

Figure: Bank Nifty Daily Chart

Figure: Bank Nifty Tech Table

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