sensex forecasts for 20 to 24 may 2013

sensex daily chart technical outlook

sensex on daily chart showing last closing at 20286 at new high from short term view.on chart 20120 is week average and first support on downside.below that 19650 is month average and 19360 is 3 month average and last short term support for sensex.on upside 20500 and 20800 as upcoming targets from short term view.on indicators sensex cci level is +125 with bullish divergence while rsi is 63 and heading towards 70.

 

sensex weekly chart technical outlook

sensex in this week closed with sharp gains after initial sharp drop.this week sensex hit low at 19652 while high was 20328.total 800 points bottom to top run and closed near highs.this was 5 th week of gains for sensex and in this 5 weeks period we seen 2200+ points gains for this index.

on weekly chart,sensex 6 month average is 19200 and first support from medium term view on downside.18750 is 12 month average and 18250 is 2 years average level and last support for investors.on upside 20800 and 21500 are medium term upcoming targets.on indicators sensex cci is +146 with bullish divergence while rsi is 60 and trending towards 70 zone.

sensex forecasts for 20 to 24 may 2013

for next week,sensex heading towards 20500 and then 20800 zones.on downside 20100 remain as fresh entry point while stoploss remain below 20k.below 20k may enter consolidation/correction phase.

from medium to long term view,20800 and then 21500 are upcoming targets.major support is deep downside at 19200 and reentry point for those missed this rally on any sharp correction.20200 also act small support as it was previous top on chart.

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Pramod Baviskar

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