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Bank Nifty Might Slip Into a Range For the Next Trading Session

By Elearnmarkets Market OverviewOct 12, 2017 17:31
in.investing.com/analysis/bank-nifty-might-slip-into-a-range-for-the-next-trading-session-200198031
Bank Nifty Might Slip Into a Range For the Next Trading Session
By Elearnmarkets   |  Oct 12, 2017 17:31
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Bank Nifty opened above its 13 DMA at (24146 approx) today. The Index moved up by 412 points from its intraday low and closed marginally below its 5 day High EMA (24361 approx).

Hourly Technicals:
In the Hourly Chart, Bank Nifty is still trading below its 200 hourly MA of (24361 approx).The Index is likely to face immediate resistance around the same area. Bank Nifty will find its next support around the 50 hourly moving average (24200 approx).

Hourly RSI has moved towards the higher end of the normal range, while the hourly CCI has turned positive. The ADX is indicating that mild volatility is on the cards.

Bank Nifty Hourly Chart
Bank Nifty Hourly Chart

Figure: Bank Nifty Hourly Chart

Daily Technicals:
The daily chart indicates that Bank Nifty has closed 40 points below its 50 DMA (24361 approx). The Index will face resistance around the 50 DMA( 24460 approx). On the downside however, if Bank Nifty breaks and closes below its 100 DMA (24021 approx), it could find support near the lower range of the Bollinger Band (23600 approx).

The daily RSI indicator has closed mid way between the normal range.The CCI indicator has turned negative however the ADX indicates momentum might be picking up.

Bank Nifty Daily Chart
Bank Nifty Daily Chart

Figure: Bank Nifty Daily Chart

Bank Nifty Tech Table
Bank Nifty Tech Table

Figure: Bank Nifty Tech Table

You can also view the Original Report here.


Disclaimer:
Elearnmarkets wants to inform you that this post/video is solely for educational purpose. We are not advising any trading or investment ideas. We want to add that the data/indicator/signals contained in this website/post/video are not necessarily real-time nor accurate. All CFDs/traded instruments (stocks, indexes, futures, commodities) and Forex prices are not provided by exchanges but rather by web based charting platforms, and so prices/indicators may not be accurate and may differ from the actual market prices, meaning prices are indicative and not appropriate for trading or investing purposes. Therefore, Elearnmarkets doesn`t bear any responsibility for any trading losses you might incur as a result of using this data/ indicators/charting platform. This analysis is purely based on the technical observations and not meant for investing with real money. Elearnmarkets does not have any position in the market. One can create position in market at his/her own risk.

Elearnmarkets or anyone involved with Elearnmarkets will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals/discussions contained within this website/post. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Bank Nifty Might Slip Into a Range For the Next Trading Session
 

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Bank Nifty Might Slip Into a Range For the Next Trading Session

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Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
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