Bank Nifty Hourly Chart

Bank Nifty might see correction again

by Elearnmarkets on Market Analysis, Market Updates

Bank Nifty opened above its 5 Day Low EMA (25351 approx) today. The Index traded in a range of 174 points and closed below its opening price.

Hourly Technicals:


In the Hourly Chart, Bank Nifty has closed above its 5 HMA of (25276 approx). The Index is likely to face immediate resistance above it’s 5 hourly high EMA (25333 approx). Bank Nifty will find its next support around the 5 Hourly low EMA ( 25264 approx).

Hourly RSI stands close to the lower end of the normal range while the CCI is indicating that sentiments are negative. ADX is indicating that Bank-Nifty might not undergo major volatility yet.


Bank Nifty Hourly Chart

Figure: Bank-Nifty Hourly Chart

Daily Technicals:

The daily chart indicates that Bank Nifty has closed marginally above its 5 day low EMA (25254 approx).

The Index will face immediate resistance around its 8 DMA(25392 approx).

On the downside, however, if Bank Nifty breaks and closes below its intraday low (25224 approx), it could find support at its 20 DMA (25012 approx).

The daily RSI indicator has closed midway between the normal range. The CCI indicator, however, is indicating that sentiments are still positive. The ADX indicates that momentum might remain slack.

Bank Nifty Daily Chart

Figure: Bank-Nifty Daily Chart

Bank Nifty Tech Table

Figure: Bank-Nifty Tech Table

Watch the video below to know how to analyze the above matrix:



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