Nifty close 9914.9: Nifty ended the session on a positive but trimmed some of its post policy gains and managed to close above 9900 mark.
Hourly Technical:
Nifty consolidates in a narrow range after initial move in the first hour of trade. The consolidation is likely to continue until it decisively breach 200 Hour moving average (presently at approx. 9963.9) in the Hourly chart. The probable support in the hourly chart comes at 13 Hour moving average (presently at approx. 9888.9) and 20 Hour moving average (presently at approx. 9867.2).
On the upside, Nifty may face resistance at 100 Hour moving average (presently at approx. 9955.1) and 200 Hour moving average (presently at approx. 9963.9). It appears neutral to bearish in the Hourly chart.
Figure: Hourly Chart
Daily Technical:
In the daily chart, Nifty has just closed above 5 Day High EMA (presently at approx.9910.1) but may see some consolidation at the mid Bollinger line. The probable support in the Daily chart comes at 8 DMA (presently at approx. 9847) and 5 Day High EMA (presently at approx.9818.9).
On the upside, Nifty may face resistance at 50 DMA (presently at approx.9945.9) and 20 DMA (presently at approx.9973.5). It also appears neutral to bearish in the Daily chart.
Figure: Daily Chart
Figure: Tech Table