Nifty weekly forecast for 25 feb to 1 march 2013
Nifty spot index this week closed with loss at 5850.this week nifty made highs near 5950 while low was near 5800.this was 5th week of weakness and clearly suggesting dip correction of last bull run.
on weekly chart we can see nifty now near 6 month average support of 5765 then comes 12 month average at 5590.next week we seeing union budget 2013-14 so if any bad comes from it,it will accentuate this correction and may take nifty upto 5590?
on upside 5895 is 3 month average and strong resistance as well as trailing stoploss for all shorts.on downside expect 5765 and then in very bearish environment 5590.
while by pivot theory,5820 is next target which is almost achieved but closing below that set very bearish mood for market and expect targets of 5745 and 5640.
on weekly chart,nifty weekly rsi is at 55 with bearish divergence,macd already given sell signal at 5980 and still hold it while cci is at –55 and with bearish divergence!!
so for next week nifty strategy below 5895 remain sell on rise and expect targets near 5750 and 5600.
Bank nifty weekly forecast for 25 feb to 1 march 2013
bank nifty spot index this week closed at 12068 with loss.this week bank nifty made high near 12470 while low was 12024 and closed near lows on continuation of profit booking from DII/FII.this week we seen major banks topped out and enter bearish territory which is bad sign for market!
in last 4 weeks time frame bank nifty index slumped from 13k to 12k and given 1000 points downside rally.
on chart 11860 si 6 month average and major support as well as target of this rally.below that next major support as well as last support of this bank nifty bull market is 11280.in scenario of disappointment from budget can show this level.
bank nifty weekly cci is +21 and with bearish divergence while rsi is +55 and with bearish divergence suggesting rally still not showing any signs of bounce back!!
sensex weekly forecast for 25 feb to 1 march 2013
sensex this week closed with loss at 19317.this was straight 5th week of weakness on continues profit booking.this week sensex made high near 19742 while low was 19289 so total 350+ points volatility and corrective momentum.
on downside 19011 is 6 month average as well as support.may show up in next week as target of this correction.disappointment from result may set downside rally upto 18450 which is 12 month average and last support of this bull market.
while by pivot theory,below 19290 sensex will enter very bearish territory for month of feb and expect targets of 18985 and then 18690.19460 is closing basis trailing stoploss for all short to medium term short positions.