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).
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.
Figure: Bank Nifty Hourly Chart
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.
Figure: Bank Nifty Daily Chart
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