Indian stock market weekly review
Nifty weekly review for 25-29 march 2013
Nifty this week closed with huge loss at 5651.this week we seen heavy volatility and 4% drop in nifty on profit booking.nifty spot this week made high at 5863 while low was 5631 total 230 points movement.on above chart we can see nifty now just closed above 12 month average of 5620 while on upside 5770 is 6 month average and strong resistance.
below 5620 next major support will be 5435 which is 2 years average level.so now now long term trend is at the bet.if slips below 5620 in next week closing then expect this may be start of new bear market for nifty?
as i already stated in previous posts,nifty rally started at 4800 made top at 6000 and 1/3 correction has target at 5600 while 2/3 correction which is healthy correction may show 5200 technically.
on indicators nifty weekly cci is –82 and with bearish divergence while rsi continues last week sell signal.as bank nifty slipped below 1 years average level also support that downtrend will continue here.
for next week 5620 is first target and then 5435 and worst conditions 5200 also possible if Cyprus comes as Lehman .
below 5775 traders and investors keep short view and continue to book profits.as this week move was absolute breakdown below 6 month average on heavy volume.
BankNifty weekly review for 25-29 march 2013
bank nifty spot index this week closed at 11204 with heavy loss and downside breakout below yearly average.this week bank nifty index made high at 11814 while low was 11173 total 630+ points movement and very bearish.
on above weekly chart,we can see that bank nifty closed below yearly average of 11340 above that 11800 was weekly average and from that point we seen new supply in market.on downside 10740 is 2 years average and last support of this long term uptrend.
on indicators banknifty index weekly cci is –115 and with bearish divergence while rsi at 41 and continues last week sell signal.
for next week we may expect target of 10700-10800 on downside while on upside 11350 remain as closing basis stoploss.
Sensex weekly review for 25-29 march 2013
sensex spot index this week closed at 18735 with heavy loss.this week sensex made high at 19380 while low was 18670.total 700+ points drop and very weak momentum.
on above weekly chart,18560 is 12 month average and immediate support and most important level on downside.on upside 19060 is 6 month average and strong resistance.below 18560 next major support will be 18040 which is 2 years average level.
on indicators,sensex weekly rsi is 46 and continues sell signal while cci is –178 and in oversold state.
for next week watch 18550 and then 18000 as next downside target level while on upside 19050 is remain as resistance as well as trailing stoploss.