sensex forecast for 9 to 13 sep 2013

sensex daily chart technical analysis

sensex spot index on last trading session closed at 19270 with gains.on daily chart sensex trend is now bullish with breakout at 19050 and momentum also supporting buying.

on daily chart sensex now trading above 3 month average of 19050 and this levels now act as strong support.below that 18850 and then 18750 are next support levels.on upside 19400-20k and 20400 are resistances as well as strong supply zones.

on indicators,sensex rsi is at 56 and with bullish divergence while cci is at +174 and near overbought zone.


sensex weekly chart technical analysis

sensex this week closed with gains.this week sensex made low near 18100 while high was near 1200 points week volatility and closed with gains.on weekly chart sensex is now trading above all medium to long term averages.

on downside 19100 is sensex 6 month average and first support for now below that 18950 is sensex 12 month average and in last 18480 is 2 years average level support.

on indicators,sensex weekly chart cci level is +2 and with bullish divergence while rsi is at 51 with bullish breakout in this week.

sensex forecast for 9 to 13 sep 2013

for next week,sensex above 19050 remain buy on dips and keep target at 19400 then 20k and in last 20400on upside.below 19k we may see downtrend and previous also expect upcoming volatile time on account of Syria strike and qe3 tapering.

from medium to long term view,rally target is achieved at 19k and now above 18900 on weekly closing basis expect next target at 20k and then 20400 on upside.investors must keep 18900 as stoploss for fresh investment in this index.if rupee supports and global turmoil cool down then may be new high will be expected but right now seem to be difficult!!

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Pramod Baviskar

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