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Bank Nifty Keeps Bulls in the Hunt

elearnmarkets | 13 Sep, 2017  | Follow Author | Add to my Favourites 
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Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed near its 5 Hour Low EMA of (24832 approx).The Index is likely to face immediate resistance around (24979 approx) mark. If Bank Nifty breaks above 25000, the next resistance area will be (25200 approx).

Hourly RSI and CCI stands perfectly poised at the higher end of the normal range while the ADX is indicating that volatility is on the cards.

Daily Technicals:

The daily chart indicates that Bank Nifty has closed above the 5 day high EMA of (24727 approx). If the Index breaks above the 25000 mark, the next resistance will be 25200. On the downside however, if Bank Nifty breaks and closes below its 5 Day high EMA (24725 approx), it could find support at the lower end of the 5 EMA(24525 approx).

The daily RSI and CCI indicator has closed near the upper end of the normal range.The ADX however indicates lack of momentum.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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