Nifty close 10423.8: Nifty ended on a subdued note in today’s session after trading in a mere 40 points range. The index after opening flat in today’s session ended marginally lower by 0.16%.
In Hourly chart, the index was trading almost flat and closed marginally above 20 Hour moving average. The probable support in the hourly chart comes at20 Hour moving average (presently at approx.10414.8), 34 Hour moving average (presently at approx.10390.5) and 50 Hour moving average (presently at approx.10368).
On the upside, Nifty may face resistance at 5 Hour High EMA (presently at approx. 10435.2) and Upper Bollinger line (presently at approx.10488.9).
Hourly Stochastic, RSI and CCI are in their respective normal zone. ADX has turned down suggesting loss of momentum in the hourly chart. Overall Nifty remains neutral to bullish in the Hourly chart.
Figure: Nifty Hourly Chart
In the daily chart, Nifty was in a tight range bound session and is still trading above all short term moving averages and 5 Day High EMA including that the upside momentum is still intact.
The probable support in the daily chart comes at 5 Day High EMA (presently at approx.10406.1) and 5 DMA (presently at approx.10377.3).
On the upside, Nifty may face resistance at Upper Bollinger line (presently at approx.10504.3).
Daily Stochastic, RSI and CCI are still in the overbought zone. Overall Nifty remains bullish in the daily chart.
Figure: Nifty Daily Chart
Figure: Nifty Tech Table