sensex forecast next week 10 to 14 jun 2013

sensex forecast next week 10 to 14 jun 2013


sensex daily chart technical analysis

sensex spot index on last trading session closed at 19429 with loss.on daily chart sensex trend and momentum both bearish.

on upside 19540 is 3month average levels and strong resistance from short term view.while above that 19570 and 19740 are weekly and month averages respectively and another resistance levels.on downside 19000 and 18600 are previous support levels and also upcoming targets for sensex.

on daily chart,sensex trend and momentum indicators are in bearish territory with bearish divergences.suggesting in upcoming time sensex may remain under pressure.


sensex weekly chart technical analysis

sensex this week closed with loss.this week sensex made high at 19860 while low was 430 points week range and correction continues.this was 3 rd straight week of profit booking on weak fundamentals.

on weekly chart,sensex heading towards 6 month average support of 19275.below that 18850 is 12 month average and 18340 is 2 years average level.indicators on weekly chart also trending lower with bearish divergences.on upside 20200 and 20450 remain as top and major resistance zones.

sensex forecast next week 10 to 14 jun 2013

for next week,below 19800 neckline strategy remain sell on rise or sell near resistances.on downside 19k and then 18600 can be expected as can expect long side reversal above 20200 on closing basis.

from medium to long term view,going through correction phase and might take support around 6 or 12 month average.if falls below 12 month average then may enter bear market or deeper correction ahead.

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