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Bank Nifty Grinds Ahead, Bulls Likely to Face Speed Breakers -
Bank Nifty Grinds Ahead, Bulls Likely to Face Speed Breakers
elearnmarkets | Published: 12 Sep, 2017  | Source :

Hourly Technicals:

In the Hourly Chart, Bank Nifty has closed near its 5 Hour High EMA of (24797 approx).The Index is likely to face immediate resistance around today’s high (24818 approx) mark.If Bank Nifty breaks above 24818, the next resistance area will the upper end of the bollinger band (24968 approx).

Hourly RSI and CCI stands perfectly poised at the higher end of the normal range while the ADX is indicating that Bank Nifty is likely to undergo major volatility.

Daily Technicals:

The daily chart indicates that Bank Nifty has closed above the 5 day high EMA of (24615 approx). If the Index breaks above the 24818 mark, the next resistance will be 25000. On the downside however, if Bank Nifty breaks and closes below its 5 Day high EMA (24615 approx), it could find support at the 50 DMA(24246 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.