Bank Nifty opened above its 5 Day High EMA at (25027 approx) today . The Index traded in a range of 111 points throughout the day and closed above the 5DMA of (24965 approx).
In the Hourly Chart, Bank Nifty has closed marginally below its 5 Hour High EMA of (24999 approx).The Index is likely to face immediate resistance around (25105 approx) mark. Bank-Nifty has to trade above 25200 convincingly to see a fresh rally.
Hourly RSI stands midway between 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 above its 5 DMA(24965 approx). If Index trades and closes above the 25105 mark,it will face the next wave of resistance around 25200. On the downside however, if Bank-Nifty breaks and closes below 24939, it could find support at the 24791 area.
The daily RSI and CCI indicator has closed near the upper end of the normal range.The ADX however indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table