Bank Nifty opened below its 5 Day high EMA (25885 approx) today . The Index traded in a range of 154 points and closed below its opening price.
In the Hourly Chart, Bank Nifty has closed above its 5 hourly low EMA of (25833 approx).The Index is likely to face immediate resistance around its 8 hourly EMA (25884 approx). If Bank Nifty breaks and closes below its 20 hourly EMA (25824 approx) below which, the next support will be at its 50 HMA (25786 approx)
Hourly RSI stands midway between the normal range while the CCI is indicating that sentiments continue to be neutral . ADX is indicating that Bank Nifty might not undergo volatility.
Figure: Bank Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 DMA (25846 approx). The Index will face immediate resistance around the 5 Day High EMA (25885 approx). On the downside however, if Bank Nifty breaks and closes below its 8 DMA (25784 approx), it could find support at its 5 day low EMA (25705 approx).
The daily RSI indicator has closed near the higher end of the normal range.The CCI indicator however is indicating that sentiments are positive.The ADX indicates that momentum might remain slack.
Figure: Bank Nifty Daily Chart
Figure: Bank Nifty Tech Table