Nifty and Bank Nifty August Future hourly Charts are shown. The Positional Trend in both nifty and bank nifty future is currently in down trend and there is a strong divergence in nifty and bank nifty since June 26th which indicates that nifty is unlikely to make new high unless banknifty(supportive index) turns to move in-line with nifty.
Bank nifty had very recently broken the 10 month low on the monthly spot chart. However nifty still havent broken the 10 month low level which is at 5477. This indicates strong price divergence in nifty and bank nifty and reduced momentum in nifty to test newer high.
Nifty august future on the hourly charts turns to sell mode on 24th July with current resistance coming around 6120 and banknifty is in sell mode since 16th July with resistance zone coming near 12240. Reverse your position to positional buy mode if the resistance breaks on the hourly charts