sensex weekly forecast report
sensex daily chart analysis
sensex this week closed at 19424.last session some profit booking is seen on index.on above chart,sensex is in absolute uptrend.
on chart sensex weekly support at 19360 below that monthly support comes at 18950 and in last last support for this uptrend will be 18575.all these levels are buying interest areas for bulls!!
on indicators side,sensex daily rsi level now showing correction sign and coming off from overbought zone.sensex daily cci si +77 with bearish divergence.sensex macd also formed rounding top.
for next week we expect correction and profit booking in sensex.shorts suggested below 19360 below on closing basis.18800-18960 are correction targets.
sensex weekly chart analysis
sensex this week closed with gains.this was 3rd successive closing for sensex.buying still there in market after last week big short covering run.on weekly chart sensex 6month support is 18215 then 12 month support at 17840 and in last 17555 is 2 year average.
all these level important for investors.on indicators side,sensex weekly rsi is 69 but bullish.weekly macd with bullish divergence but sensex weekly cci is +185 and overbought.
overbought cci may trigger correction here.19400 is critical support for medium term traders on weekly closing basis if slips below that then expect 18600-18800 as correction target.
sensex monthly chart analysis
sensex on monthly chart,showing gains in dec series.only on indicators side sensex monthly cci forming bearish signs on chart.16150 is sensex 5 year average and last support of bull market.
sensex still underperforming nifty but leader in Asian markets with gains of 25%+ year to date.
sensex weekly outlook for 10 to 14 december 2012
short term traders must expect correction here so book long now and take shorts if closed below 19400.on downside 19200-18900 and 18600 are correction target zones.
medium term traders also watch 19400-19200 zone on weekly closing basis if closed below this then expect 400-800 points correction in next 2-3 month.above 19400 ,sensex dec-jan target remain at 20200.
long term investors book partial profits in blue chips and midcaps and re-enter on correction.