Bank Nifty Might Slip Further Down

by Elearnmarkets on Market Analysis, Market Updates
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Bank Nifty opened above its 5 Day High EMA (25806 approx) today . The Index traded in a range of 162 points and closed above its opening price.

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed below its 5 hourly high EMA of (25784 approx).The Index is likely to face immediate resistance around its upper bollinger (25851 approx). Bank Nifty will find its next support around the hourly lower bollinger band ( 25692 approx) below which, the next support will be at its 50 HMA (25610 approx)
Hourly RSI stands midway between the normal range while the CCI is indicating that sentiments are turning negative. ADX is indicating that Bank Nifty might not undergo volatility.

Figure: Bank Nifty Hourly Chart

Daily Technicals:

The daily chart indicates that Bank Nifty has closed above its 5 day high EMA (25807 approx). The Index will face immediate resistance around its upper bollinger band (25926 approx). On the downside however, if Bank Nifty breaks and closes below its 5 DMA (25692 approx), it could find support at its 5 DMA (25540 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


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