nifty forecast for 16-20 sep 2013

nifty forecast for 16-20 sep 2013

nifty daily chart technical analysis

nifty spot index last closed at 5850 with gains.on daily chart nifty trend is bullish but trading is overbought zone.

on daily chart nifty week average is 5800 and first support on downside below that 5700 is 3 month average and 5630 is  month average and last support on chart.on upside 5950 and 6100 are resistances.

on indicators,nifty daily cci level is +139 and off the highs.while rsi is at 55 and with bullish divergence.

niftydailychartfor16to20sep2013

nifty weekly chart technical analysis

nifty this week closed with gains.this was second straight week for gains and in these 2 weeks nifty rallied from 5300 to 5900 so almost 600 points or 12% rally in very short time!!this week nifty made high near 5932 while low was at 5738.total almost 200 points rally.

on weekly chart nifty 6 month average support is at 5760 below that 5710 is 12 month average support and in last 5600 is 2 years average support level.on upside 6050 and 6200 are major supply zones and upcoming targets in long term view.

on indicators,nifty weekly chart cci level is +19 and off the lows while rsi is at 52 with breakout signal.

nifty forecast for 16-20 sep 2013

for next week expect some correction upto support levels of 5700-5650 and then might get next boost for bull run.on upside traders keep targets at 5950-6100 and in last 6200.below 5650 if sustain for more than 2 session then expect downtrend and very deep downside with panic selling.

from medium to long term view,heading towards target of 6050 and then may show 6200.above 5600 keep buy and accumulate strategy here with longer term view.if fundamental support in next 6-8 weeks time frame new high also possible but if qe3 tapering start aggressively then expect 5250-4800 on downside in longer run.

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Updated: 15/09/2013 — 9:33 AM

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