Bank Nifty opened at 25473 this morning, the Index moved by 191 points today and closed above its 5 day high EMA (25313 approx).
In the Hourly Chart, Bank Nifty has closed above its 5 hourly high EMA (25490 approx).The Index is likely to face its first resistance around its 13 hourly MA ( 25481 approx). If Bank Nifty breaks and closes below its 5 hourly low EMA(25422 approx), it will find its next support around its 20 hourly MA( 25383 approx) . The next support area for the index is around its 34 hourly MA ( 25217 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.
Figure: Bank Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25313 approx). The Index will face resistance around its upper bollinger band (25490 approx). On the downside however,if Bank Nifty breaks and closes below its intraday low (25407 approx), it will find support around its 5 day low EMA (25061 approx).
The daily RSI has closed near its upper range. The CCI however is indicating massive positive sentiments. The ADX The ADX indicates lack of momentum.
Figure: Bank Nifty Daily Chart
Figure: Bank Nifty Tech Table