sensex forecast for 23 to 27 sep 2013

sensex daily chart technical analysis

sensex on last trading session closed in red on sharp profit booking.on daily chart sensex trend is bullish but momentum is losing out as hit overbought zone and profit booking is going on.

on chart 20140 is sensex week average and first support on downside.below that 19450 is month average and 19250 is 3 month average and last support from short term view.on upside 20650 is top and remain as major supply zone.

on indicators,sensex cci level is +84 and coming down while rsi is at 62 and coming down after touching overbought 70 zone.


sensex weekly chart technical analysis

sensex this week closed with gains.this was 4th straight week of gains for this these 4 weeks time frame from 17500 low to hit high above 20500.

on weekly chart sensex made new top and now showing signs of correction.on downside 19300 is 6 month average and first support on weekly chart.below that 19050 is 12 month average and 18540 is 2 years average and last support from long term view.

on indicators,sensex cci level is +124 and hovering near overbought zone.while rsi is 57 and with bullish divergence.

sensex forecast for 23 to 27 sep 2013

for next week,19280 keep buy on dips view and on upside 20200-20600 as indicators showing correction must buy near support levels while those created stoploss can expect 19400 and below levels on account of correction.

from medium to long term view,target of 20400 is achieved and hit now high above now may show correction upto 6-12 month averages and then might resume uptrend for new high!!below 18550 on weekly closing keep bearish view for long term and exit all investment positions.

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Pramod Baviskar

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