sensex forecast for 22 to 26 july 2013

sensex forecast for 22 to 26 july 2013

 

sensex daily chart technical analysis

sensex spot index last closed at 19,948 with gains.on daily chart sensex trading in strong bullish uptrend and momentum.

on daily chart,sensex closed above all short term averages.on downside 19840 is sensex week average and first short term support.below that 19500 is sensex month average and 19425 is sensex 3 month average and last support from short term view.on upside 20200 and 20450 are major supply points.

on indicators,sensex cci is +130 and still hovering near overbought zone with bullish divergence.rsi is at 56 and with bullish divergence.

sensex weekly chart technical analysis

sensex this week closed flat.this was 4th week of gains fir this index after taking support at 18500.this week sensex made low at 19650 while high was at 20072.almost touched 20200 levels.

on weekly chart sensex trend and momentum still bullish.on chart 19360 is sensex 6 month average and first medium term support.below that 18975 is 12 month average and 18465 is 2 years average and last long term support.on upside 20200 and 20450 are major resistance points.

on indicators,sensex cci is +102 and with bullish divergence while rsi is at 56 and with bullish divergence.

sensex forecast for 22 to 26 july 2013

for next week,sensex above 19450 remain buy on dips for target 20200 and then 20450 n upside.here fresh entry suggested near supports only as at current stage risk reward is not favorable.above 20450 we will expect short covering spurt upto 21200!!

from medium to long term view 18500 was fresh investment level and which has targets at 20200-20450 zone.and sensex is near it above this next target zone will be above 22k levels so keep invested and keep buy on dips view for now.

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Pramod Baviskar

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