Indian stock market week ahead forecast
Nifty weekly forecast
nifty spot index this week closed at 5872 with loss.this week nifty spot made high near 5950 while low was near 5850.so total 100 points downside run with heavy volatility and once again correction move after last weeks sharp short covering.
on weekly chart,medium to long term trend still on long side and nifty currently going through correction phase.on chart nifty 6 month average is 5780 and first major support on downside.while below that 5620 is 12 month average while on upside 5950 is first major resistance and then comes 6080.
for next week outlook remain negative and nifty may continue to correction towards 5780 if slips below 5780 then expect 5620 as next major target.
on weekly chart,nifty rsi is given fresh sell signal with bearish divergence but still above 50.macd still above zero but with sell signal while cci after touching zero now trending down.so clearly momentum is in favor of bears.
on daily chart nifty spot closed exactly at 3 month average support so monday closing will decide upside/downside breakout.
Bank Nifty weekly forecast
bank nifty spot index this week closed with huge losses at 11816.this week bank nifty index made high 12241 while low was 11555.total 700 points volatility in week with very strong profit booking rally on bade news flow for banking sector.
this week money laundering issue with big blues hammered bank nifty index and this was major factor of this weeks weakness.
technically bank nifty now entered major bearish zone as given weekly closing below 6 month average of 11860.on downside 11350 is 12 month average and target for next week.below that next major long term support is 2 years average at 10750.
on indicators,bank nifty cci and rsi both with bearish divergence and his week move was fresh downside breakout and rsi once gain given fresh sell signal here.
Sensex weekly forecast
sensex spot index this week closed at 19427 with loss.this week sensex made high near 19754 while low was 19179.total 500+ points volatility and downside rally.
here technical picture is same as nifty,sensex still trading above 6 month average of 19080.which is support for now.below that 12 month average support comes at 18550 and then 18020 is 2 years average.on upside 19750 and then 20200 remain as strong resistances for medium term.
on indicators same picture as nifty so momentum clearly in hand of bears.for next week sensex outlook remain negative and if closed below 19400 then it will be downside breakout on daily chart.
all the indices formed lower tops and now this time may form lower bottom?