sensex forecast for 2 to 6 sep 2013

sensex daily chart technical analysis

sensex on last trading session closed at 18619 with gains.on daily chart sensex trend is down but momentum is building on buying side on account of recovery .on daily chart sensex closed above weekly average of 18380 while still trading below month average of 18700 and 3 month average of 19100.

on indicators,sensex cci on daily chart is at –30 and off the lows.while rsi is at 46 and formed small bullish divergence.

sensexdailychartfor2to6sep2013

sensex weekly chart technical analysis

sensex this week shown high volatile move but finally recovered from lows.this week sensex high was near 18700 while low was near 17400.total almost 1300 points volatility and closed flat for week.

on weekly chart closed just above 2 years average of 18500 and still holding long term uptrend.on upside 18950 is sensex 12 month average and 19200 is 6 month average and both are strong resistances.

on indicators,sensex weekly chart cci is –143 and still with bearish divergence while rsi is at 47 and with bearish divergence.

this was 6th week of losses for sensex and in these 6 weeks this index tumbled from 20400 to 17400.total 3000 points downslide!!

sensex forecast for 2 to 6 sep 2013

for next week,traders above 18300 keep long view but with strict stoploss.or buy call options to minimize risk.on upside 18700 and then 19100-19200 are target zones.below 18300 we can expect 17800 to 17500 as target for sell position.

from medium to long term view,sensex achieved my given target of 17500 with session downside spike!!but for now above 18500 i suggest long or wait n watch move for swing traders.decisive closing below 18k with volume will confirm breakdown as well as bear market and set downside targets at 17500-16500-15500.but right now above traders can take long view with strict stoploss for targets 18900 and then 19200 on upside.

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The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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