Nifty close 10361.3: Nifty ended the session on a flat note but with Nifty closing above 10350 level. As mentioned in yesterday’s Tech table, Nifty respected both the support of 10345 (made low of 10345.9) and resistance of 10391 (made high of 10393).
In the hourly chart, Benchmark indices opened flat but witnessed mild correction in the second half of today’s session. . The probable support in the hourly chart comes at lower Bollinger line (presently at approx. 10348.6), 200 Hour moving average (presently at approx. 10336.3) and 100 Hour moving average (presently at approx.10303.1).
On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10407.3).
Hourly Stochastic and CCI are in the oversold zone but RSI is still in the normal zone. Moreover ADX is downward sloping suggesting loss in downside momentum. Overall Nifty remained neutral in Hourly timeframe.