sensex daily chart forecast
sensex on last trading session closed at 19575 with loss.on daily chart sensex trend and momentum still strong bullish.
on daily chart,sensex weekly average is 19502.below that 19130 is 3 month average and 19100 is month average.and both these strong short term supports.on upside 19800 and 20200 is major tops and strong resistances.
on indicators side,sensex daily cci is +143 and at overbought zone while sensex daily rsi level is 62 and showing some correction signs.
sensex weekly chart forecast
sensex on weekly chart showing 3 rd straight positive closing.this week sensex made high at 19792 while low was 19284.total almost 500 points volatility and continuation of short covering rally.
on weekly chart,sensex trend and momentum is strong bullish.on upside 19800 and 20200 are previous tops resistances zones while on downside 19015 is 6 month average and first support.below that 18630 is 12 month average and 18125 is 2 years average.on indicators side,sensex weekly cci is +43 and with bullish divergence while sensex weekly rsi is at 56 and holding buy signal.
sensex outlook for 6 to 10 may 2013
for next week correction may continue but strategy must remain buy on dips or near supports.on upside 19800 and 20200 are first target zones but in favorable conditions expect 20550 is may 2013 target.on downside 19100 is last support as well as closing basis stoploss.
from medium to long term view,18300-18500 was investment opportunity and now 19000 is weekly closing basis trailing stoploss for that investment.on upside 21100 and then 22600 are targets for sensex in 2013.