Stock market weekly predictions report
Nifty weekly forecast
Nifty spot on this week closed at 5719 with huge loss.this week nifty recorded highs near 5854 while low was 5693.total 170 points top to bottom rally and huge profit booking and short selling in market.
as i suggested in last week,below 3 month average next target will be 6 month average and then on more disappointment 12 month average.
now we already below 6 month average and heading towards 12 month average level.on weekly chart below 5760 medium term trend remain weak and expect 5595 to 5550 levels in next 1-2 weeks.
for all short positions stoploss must be just above 5760.on indicators side,nifty weekly rsi is below 50 and sure shot sell call here which is generated at 5800.
nifty weekly macd is with bearish divergences but still above zero.nifty weekly cci is –197 and in oversold state.
nifty 2013,major pivot level is 5540 and rally may stop there but if slips below this and trade below 5540 for more than week then all bullish sentiment once again going to wipeout!!
for next week,nifty outlook remain bearish and below 5760 traders maintain short view and expect nifty to stabilize near 5540-5595 zone and consolidate there.if consolidate near that zone then it might be great buying/investing opportunity in 2013 once again.
Bank Nifty weekly forecast
bank nifty spot index this week closed at 11540 with loss.this week bank nifty index made high at 12137 while low was 11401 so almost 750 points downside run on huge profit booking and almost panic in market!!
on chart bank nifty index closed below 6 month average of 11840 and now heading towards support of 12 month average which is 11290.below that next support comes at 10680.below 11290 long term trend will change to bear side.
if hold 11290 and consolidate near it then it will be buying opportunity in bank nifty index with 3-5% upside rally expectation.
on indicators,bank nifty weekly cci is –47 and with absolute bearish divergence while bank nifty weekly rsi is below 50 and given sell signal at 12000.
for next week bank nifty index outlook remain bearish and downside expect 11290 and if breaks that level then 11680!!watch it 11290 carefully on weekly closing basis.
Sensex weekly forecasts
sensex spot index this week closed at 18918 with loss.this week we seen sharp sell off from investors from budget disappointment as expected and global crisis.
on above weekly chart sensex closed below 6 month average of 18995 and now heading towards 12 month average of 18460.this week sensex made high near 19411 while low was 18794 so total 600 points top to bottom run with bearish sentiment.
sensex weekly rsi is below 50 and given fresh sell signal.while macd is with bearish crossover but above zero while cci is –160 and looks oversold.
for next week sensex may show up 11290 and if consolidate there then might be fresh rally will start for 2013.but as global sentiment changing may personal view is sensex,nifty and bank nifty may show 2/3 correction of total bull run and may touch there respective 2 years averages in next 2-3 month time frames.