Nifty Spot Chart
It’s been a quiet day for market as Nifty index traded in a narrow range of nearly 41 points and eventually concluded the session with a nominal loss of 0.27%. The impact of bearish divergence mentioned in our previous update was seen as Nifty was cooling of the momentum for a time being. Looking at the hourly chart, index is approaching towards the upward sloping trend line joining from the bottom of 9868. Going forward, 10300 will act as an immediate support which coincides with the hourly 45-EMA below which index likely to correct till 10270 / 10240 levels respectively. Higher side, 10385 / 10440 are the near term resistance.
Bank Nifty Spot Chart
Yesterday, we witnessed lethargic movements as Nifty Bank index traded in a narrow range of nearly 131 points and eventually ended with a nominal gain of 0.12%. Looking at the hourly chart, the Bollinger Band index got squeezed significantly hence we expect volatility increase in the near term. Yesterday’s price action doesn’t lead to any significant change on chart structure hence we reiterate our positive view. For the day, 24940 / 24800 are the intraday support whereas 24200 will continued to act as a near term resistance.
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