Nifty close 10210.9: Nifty traded in a mere 60 points in today’s session and closed flat after consolidation but managed to close above 10200.
In the hourly chart, Nifty opened marginally lower but ended on a flatter note. The probable support in the hourly chart comes at 34 Hour moving average (presently at approx. 10197.1), lower Bollinger line (presently at approx.10181.4) and 50 Hour moving average (presently at approx.10141.4).
On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10253.9).
Hourly Stochastic, RSI and CCI are in the normal zone and ADX is downward sloping indicating loss of momentum. Overall Nifty remains bullish to neutral in the Hourly chart.
Figure: Hourly Chart
In the daily chart, Nifty is still above most short term moving average and closed above 5 Day High-Low EMA band suggesting that the upside momentum is still intact. The probable support in the daily chart comes at 5 Day High EMA (presently at approx.10198.5), 5 DMA (presently at approx.10188) and 5 Day Low EMA (presently at approx.10134.3).
On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10297.1).
Daily CCI and Stochastic are in the overbought zone while RSI is very close to the upper bound suggesting strength in the daily chart as well. Moreover, ADX is still up which suggests that the present momentum may continue in the coming days. Overall Nifty remains bullish in the Daily chart.
Figure: Daily Chart
Figure: Tech Table