sensex forecast for 16 to 20 sep 2013

sensex forecast for 16 to 20 sep 2013

sensex daily chart technical analysis

sensex spot index last closed at 19732 with loss.on daily chart sensex trend is bullish but now momentum is fizzling out on profit booking.

on daily chart,sensex trading above all short term averages.on downside 19600 is week average then 19100 will be month and 3 month average zone.on upside 20k-20200 will be strong resistances as well as targets for upcoming period.

on indicators,sensex daily chart sensex rsi level is 59 and off the high.while cci is at +89 and off the highs.


sensex weekly chart technical analysis

sensex this week closed with gains.this was second week of gains and in these 2 weeks sensex rallied from almost 18k to 20k+.on weekly chart sensex trend and momentum both bullish.

on weekly chart,sensex 6 month average is 19200 and first support on downside below that 19k is 12 month average and 18500 is 2 years average.on upside 20250-20400 medium term targets.

on indicators,sensex weekly chart shows rsi is at 54 and with bullish divergence and holding breakout while cci is +65 level and with bullish divergence.

sensex forecast for 16 to 20 sep 2013

sensex for next week,may continue to correct upto 19100-19k.and then might resume uptrend for next big move.below 19k on sustainable basis may show deep correction and downtrend levels upto 18600 to 18k.

from medium to long term view,sensex above 18500 remain bullish and invest on dips.on upside watch target at 20250-20400 and then possible new high around 21500-21800 zone!!qe3 panic may turn in to profit booking and long term downtrend so keep minimum exposure and try to book profits!!

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