Bank Nifty opened below its 5 Day High EMA at (24944 approx) today . The Index traded in a range of 280 points throughout the day and closed below its 5 Day low EMA of (24799 approx).
In the Hourly Chart, Bank Nifty has closed marginally above its 5 Hour Low EMA of (24784 approx).The Index is likely to face immediate resistance around the 13 hourly Moving Average (2872 approx) mark.If Bank Nifty trades and closes below the lower Bollinger Band it might find its next support area around the 200 hourly moving average( 24476 approx).
Hourly RSI stands at the lower end of the normal range while the CCI has sloped towards the negative range. The ADX is indicating that volatility might be on the cards.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed marginally below its 5 day low EMA(24799 approx). If Index will face the next wave of resistance around the 25000 mark. On the downside however, if Bank Nifty breaks and closes below the 13 DMA( 24700 approx), it could find support at the 50 DMA( 24450 approx) area.
The daily RSI and CCI indicator has closed midway between the normal range.The ADX however indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table