Bank Nifty opened above its 5 Day High EMA (24739 approx) today the 12th of September. The Index traded in a range of 162 points throughout the day and closed above the 5 day high EMA of (24784 approx).
In the Hourly Chart, Bank Nifty has closed near its 5 Hour High EMA of (24797 approx).The Index is likely to face immediate resistance around today’s high (24818 approx) mark.If Bank-Nifty breaks above 24818, the next resistance area will the upper end of the bollinger band (24968 approx).
Hourly RSI and CCI stands perfectly poised at the higher end of the normal range while the ADX is indicating that Bank Nifty is likely to undergo major volatility.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above the 5 day high EMA of (24615 approx). If the Index breaks above the 24818 mark, the next resistance will be 25000. On the downside however, if Bank-Nifty breaks and closes below its 5 Day high EMA (24615 approx), it could find support at the 50 DMA(24246 approx).
The daily RSI and CCI indicator has closed near the upper end of the normal range.The ADX however indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table