Bank Nifty opened close to its 5 Day High EMA mark (24390 approx) today the 4th of September. The Index slipped by 230 points throughout the day and closed marginally above the 5 Day Low EMA of (24204 approx)
In the Hourly Chart, Bank Nifty has closed above its 5 Hour Low EMA of (24213 approx).The Index is likely to face immediate resistance around the 13 Hour MA (24328 approx) mark. Bank Nifty has to close convincingly above 24500 for the Bulls to over power the bears.
Hourly RSI stands at the lower end of the normal range while the hourly CCI stands below the normal range. The hourly ADX is indicating that Bank Nifty is likely to remain range bound.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above the 5 Daily EMA of (24204 approx). If the Index breaks above the 24496 mark, the next resistance will be the upper range of the bollinger band (24805 approx). On the downside however, if Bank Nifty breaks and closes below its 50 Day MA (24115 approx), it could find support at the 100 MA area (23446 approx).
The daily RSI indicator has closed between its normal range and the CCI has slipped below its normal range. The ADX has closed towards the lower end of its normal range indicating lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty tech Table