Bank Nifty Hourly Chart

Bank Nifty Likely To Stay Neutral For The Next Trading Session

by Elearnmarkets on Market Analysis, Market Updates
  •  
  •  
  •  
  •  
  •  
  •  
  •  

Bank Nifty opened at 24842 this morning, the Index moved by 229 points today and closed marginally above its 5 day high EMA (24988 approx).

Hourly Technicals:
In the Hourly Chart, Bank Nifty has closed below its 5 hourly high EMA (25024 approx).The Index is likely to face its first resistance around its upper Bollinger Band ( 25100 approx).

If Bank Nifty breaks and closes below its 34 hourly MA(24900 approx), it will find its next support around its 50 hourly MA( 24659 approx) . The next support area for the index is around its 100 hourly MA ( 24560 approx).

Hourly RSI stands near the higher end of the normal range. The CCI is indicating sentiments are turning neutral.The ADX is indicating that volatility is likely.

Bank Nifty Hourly Chart
Figure: Bank-Nifty Hourly Chart
Daily Technicals:
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (24988 approx).

The Index will face resistance around its upper bollinger band(25102 approx). On the downside however,if Bank Nifty breaks and closes below its 5 DMA(24800 approx), it will find support around its 5 day low EMA (24655 approx).

The daily RSI has closed near its upper range. The CCI however is indicating massive positive sentiments.The ADX indicates lack of momentum.

Bank Nifty Daily Chart
Figure: Bank-Nifty Daily Chart

Bank Nifty Tech Table
Figure: Bank-Nifty Tech Table

 


  •  
  •  
  •  
  •  
  •  
  •  
  •  

Disclaimer

Elearnmarkets.com wants to remind you that all our content is created solely for the purpose of education. No strategy, stock, commodity, fund or any other security discussed here is any way a recommendation for trading or investing. Elearnmarkets.com will not be any way responsible for trading losses incurred by any individual or entity for trading with real money. Please take advise of certified financial advisers before trading or investing.

Speak Your Mind

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.