sensex weekly outlook report
sensex daily chart analysis
sensex on last trading session closed at 19444 with gains.now sensex trading above all short term average with bullish momentum.
on daily chart we can see sensex weekly average now at 19370 and first support on downside.19242 is monthly average and 18860 is 3 month average and last support for this short term uptrend.
sensex daily cci and rsi both bullish and with buy signal.on upside 19615 was last major top and remain as strong resistance.
we still hold negative outlook for sensex with short term view and expect lower level upto supports.stoploss must be above 19615 on closing basis for all shorts.
sensex weekly chart analysis
sensex on weekly chart showing positive closing this week.last 2 weeks we seen negative closing and last 3 weeks sensex movement was very range bound.still going through consolidation.
sensex still in uptrend and with bullish momentum but currently trading in narrow range of 19600 to 19200.if closed above 19650 on weekly basis then expect upside targets at 19850 to 20400.
sensex monthly chart analysis
sensex on monthly chart,going for positive closing in dec 2012.this month traded in very narrow range only 400-450 points.
on monthly chart sensex is still holding uptrend and momentum also strong bullish.but sensex monthly cci is +145 and seems overbought.
on longer term view,rally started at 15800 and now sensex at 19450 with no intermediate correction means correction is still due for upcoming time.
sensex still underperforming nifty but after nifty leader in Asian market with gains of 25%+ in 2012.
sensex weekly outlook for 31 dec to 4 jan 2013
for short term below 19615 on closing basis we holding negative view.on downside 19200 to 18900 are target zone.if closed above 19650 and sustain then traders must exit short and expect 19850 to 20400 in short to medium time.
medium to long terms traders wait for range breakout.still consolidating and decisive move happen only if breakout.if correction triggers then 18700-18800 will be targets.and if upside breakout happen then 20400 will be ultimate target.