“So the index couldn’t sustain above the key hourly moving averages. The hourly chart shows that the Nifty is facing resistance near the hourly upper Bollinger Band and the 50 per cent retracement mark for the last couple of sessions,” he added.
The downside is expected to be restricted to 17600 for the short term whereas on the higher side 18000 will continue to act as a cap for the short term,” Ratnaparkhi added.
The Nifty50 closed 0.49 percent higher at 17,916.
The NiftyBank closed 0.44 per cent higher at 39,573.