nifty forecast for next week 3 to 7 jun 2013

nifty forecast for next week 3 to 7 jun 2013

 

nifty daily chart technical analysis

nifty spot on last trading session closed at 5985 with sharp fall and heavy loss.on daily chart nifty now formed corrective pattern and momentum is clearly on sellers side.

on chart,nifty spot trading below week and month average while trading just above 3 month average of 5930.on upside 6030 is nifty month average and first resistance on short term basis.above that 6060 is week average and second resistance on upside.

on indicators cci is negative with bearish divergence while rsi is at 51 and near supports.below 5930 major supports zones on  daily charts are 5700 and 5500.

nifty weekly chart technical analysis

nifty this week closed with flat loss.this week nifty spot high was 6133 while low was 5975 and closed near lows.total 150+ points range in week and profit booking signals on weekly chart.

on chart,nifty spot major supports are 5840 which is 6 month average.5705 is 12 month average and in last 5540 is 2 years average.on upside 6050 and 6200 are previous tops resistance zones.on indicators cci is forming bearish divergence after touching levels near over bought zones while rsi is heading towards supports.5540 will be investment opportunity levels for re entry from long term view.

nifty forecast for next week 3 to 7 jun 2013

for next week below 6040-6080 resistance zone on closing basis nifty trading strategy remain sell on rise and expect 5930 and then 5700 as targets on downside.if closed above 6080 and sustain then possible sharp reversal and short covering set target at 6200+ this time.

from medium to long term view,nifty going through correction phase and eventually find supports at major averages.so traders and investors continue to book profits and on reversal signs or some stability near support take longs from medium to long term view.if rupee breeches 60 level then we may see nifty may breech 2 years support and fall down upto 5200-4800 zones and may trigger bear market once again.so investors must stay alert and keep stoploss for investments.

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