Bank Nifty might see a pullback

by Elearnmarkets on Market Analysis, Market Updates
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Bank Nifty opened above its 5 Day Low EMA (25219 approx) today . The Index traded in a range of 148 points and closed below its opening price.

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed above its 5 hourly low EMA of (25219 approx).The Index is likely to face immediate resistance above its 13 HMA (25257 approx). Bank Nifty will find its next support around the lower end of the Bollinger Band ( 25148 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.

Figure: Bank Nifty Hourly Chart

Daily Technicals:

The daily chart indicates that Bank Nifty has closed at its 5 day low EMA (25219 approx). The Index will face immediate resistance around its 13 DMA(25330 approx). On the downside however, if Bank Nifty breaks and closes below its intraday low (25167 approx), it could find support at its 20 DMA (25040 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.

Figure: Bank Nifty Daily Chart

Figure: Bank Nifty Tech Table


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