Indian Stock Market weekly forecast
Nifty weekly forecast
nifty this week closed at 5998 with loss.this week high was 6075 while low was 5998.around 80 points move on downside in this week.this was second losing week of weakness for nifty suggesting traders taking profit out of the table.
on daily chart nifty at monthly average and below weekly average while on downside 5880 is 3 month average.on daily chart nifty indicators at major support if slips below 5990 in next week then sure we going to see 5880 but on friday us markets rallied that will reflect on our market on monday but bad/unexpected news from union budgets may put pressure for profit booking.
on weekly chart,nifty rsi and cci both given sell signal for which stoploss if 6090 on weekly closing basis and target will be 5870 and then 5720 this is from medium term perspective.on weekly chart first major support if 5730 which is nifty 6 month average.
on swing system,6040-6050 is fresh short entry area while stoploss must be above 6090 on weekly closing basis and expect 5780-5720 zone in next 3-4 weeks time frame.
Bank Nifty weekly forecast
bank nifty spot index this week closed at 12606 with loss.this week bank nifty hit high of 12960 while low was 12560.total 400 points week volatility and bearish sentiment on profit booking.on weekly chart bank nifty showing consolidation and range bound moves in between 12500 to 12900.this was 2nd week of weakness.
on weekly chart,bank nifty indicators forming bearish pattern suggesting upcoming weakness.on above chart bank nifty 6 month average is 11760 which is first major support on downside.then 11165 is 12 month ema and major support of this uptrend.
if nifty slips on profit booking we may see bank nifty at 11800 level on account of that.technically bank nifty is sell for next week around 12700-12800 levels with stoploss 13000+ and expect 12000-11800 on downside in next 3-4 weeks time frame.
Sensex weekly forecast
sensex this week closed at 19781 with loss.this week sensex hit high of 20203 while low was 19736.total 450+ points weeks volatility and bearish momentum.on above chart sensex showing signs of correction and this was second week of correction.
sensex weekly rsi and cci both given sell signal and heading towards supports.on chart sensex 6 month average is 18905 and then 18330 is 12 month average.both these levels remain as targets for medium term if correction continues.
on chart 19950-20000 is fresh shorts entry zone with stoploss just above 12250 and expect 19200-19000 as target levels in next 3-4 weeks time frame.