Bank Nifty opened at 25052 this morning,approximately 800 points above its previous close. The Index moved by 542 points today and closed above its upper Bollinger (25036 approx).
In the Hourly Chart, Bank Nifty has closed below its Upper Bollinger (25036 approx).The Index is likely to face its first resistance around its Upper bollinger band ( 25171 approx). If Bank Nifty breaks and closes below its 5 hourly high EMA( 25007 approx), it will find its next support at the 5 hourly low EMA ( 24885 approx).
Hourly RSI stands near the higher end of the normal range. The CCI is indicating positive sentiments.The ADX is indicating that volatility is likely.
Figure: Bank-Nifty Hourly Chart
The daily chart indicates that Bank Nifty has closed above its Upper Bollinger (25036 approx, backed by a massive cash infusion by the Indian Government into the PSU banks. The Index will face resistance around its recent high of 25199. On the downside however, Bank Nifty will find support around its 5 Day high EMA ( 24606 approx).
The daily RSI has closed near its upper range. The CCI however is indicating massive positive sentiments.The ADX indicates lack of momentum.
Figure: Bank-Nifty Daily Chart
Figure: Bank-Nifty Tech Table