market weekly outlook for 26 to 30 aug 2013
sensex spot last closed at 18519 with loss for this week.this week sensex given high volatile ups and down moves.touched low near 17750 and made high near 18600.total almost 850 points week range and continue to trend down.this was 5 th week of straight loss for this index and lost almost 2600 points.here 18500 is 2 years support and below that we may expect bear market here.for next week above 18500 keep long view and expect upside targets of 18900-19200 in next week.but if close below that then go short for target 17750-17500 in medium terms.indicators still in sell signal on weekly chart.
Nifty weekly outlook for 26 to 30 aug 2013
nifty spot last closed at 5471 with loss for this week.this week nifty made high near 5504 while low was near 5254.total almost 250 points week volatility and closed with recovery on sharp short covering.
on weekly chart nifty trend and momentum both bearish and look like entered into bear market.on upside 5590 is 2 years average and strong supply zone and below that expect sell on rise view for target 5250 and then 4800 in medium to long term view.
this was straight 5 th week of loss for this index and in these 5 week we seen almost 950 points downslide!!which suggest panic in market.on weekly chart macd and rsi both still in sell signals and near oversold zone.
banknifty weekly outlook for 26 to 30 aug 2013
banknifty spot last closed at 9470 with gains in this week.this week banknifty made high near 9766 while low was near 8860.total almost 900 points wide range and closed with gains as sharp short covering hit the market.
on weekly chart banknifty spot trend and momentum strong bearish but as technically trading in oversold zone so might be this short covering rally will proceed in next week.we may see technical bounce back rally upto 10k-10.5 and then 11k.
on upside 11,015 is banknifty 2 years average and major supply zone from long term view.both cci and rsi are in oversold zone on weekly chart.on downside now 9k and 8k are medium to long term support for now.