Bank Nifty opened above its 5 Day High EMA (24726 approx) today the 13th of September. The Index traded in a range of 207 points throughout the day and closed above the upper range of the Bollinger Band (24781 approx).
In the Hourly Chart, Bank Nifty has closed near its 5 Hour Low EMA of (24832 approx).The Index is likely to face immediate resistance around (24979 approx) mark.If Bank-Nifty breaks above 25000, the next resistance area will be (25200 approx).
Hourly RSI and CCI stands perfectly poised at the higher end of the normal range while the ADX is indicating that volatility is on the cards.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above the 5 day high EMA of (24727 approx). If the Index breaks above the 25000 mark, the next resistance will be 25200. On the downside however, if Bank-Nifty breaks and closes below its 5 Day high EMA (24725 approx), it could find support at the lower end of the 5 EMA(24525 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