Elearnmarkets | Sep 13, 2017 17:49
Bank Nifty opened above its 5 Day High EMA (24726 approx) today the 13th of September. The Index traded in a range of 207 points throughout the day and closed above the upper range of the Bollinger Band (24781 approx).
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.
Figure: Bank Nifty Hourly Chart
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.
Figure: Bank Nifty Daily Chart
Figure: Bank Nifty Tech Table
You can also view the Original Report here.
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.
Written By: Elearnmarkets
Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading in financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (shares, 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.