sensex forecasts for 27 to 31 may 2013

sensex daily chart technical analysis

sensex on last trading session closed at 19704 with loss.on daily chart sensex trading below week and month average on account of sharp correction.

on daily chart,on upside 19750 is month average and first resistance then 19,900 is week average and second resistance.on downside 19450 is 3 month average and last support from short term view.this time top is made at 20400.on indicators momentum slipping down on account of correction.

 

sensex weekly chart technical analysis

sensex on weekly chart showing deep cuts as traders and investors taking profit off th table.this week sensex hit high at 20443 while low was  19568.total 900 points week volatility which is high.showing panic profit booking triggered in market.

all major averages are way down.on chart sensex 6 month average is 19220 and first support on downside.18750 is 12 month average and 18280 is 2 years average.on indictors side we clearly see topped out signals.

sensex forecasts for 27 to 31 may 2013

from short term view,sensex below 19900 remain sell on rise.traders must keep closing basis stoploss above 19900 and expect 19450 as first downside target.if breaks on closing basis then levels upto 19-18,800 can be seen in next week.

from medium to long term view,sensex made top at 20400 and which strong supply zone for now on downside correction rally make take sensex upto 19200 and then 18700 zone in next 4-8 weeks time frame.

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Pramod Baviskar

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