Tuesday, 29 October 2013

Daily Market Outlook

The Sensex has corrected on expected lines, and the correction is likely to continue in the near term.

As per the weekly Fibonacci charts, the Sensex has face resistance on the weekly charts, and is yet to form support.

The BSE index may drop to 20,400-odd levels in the near term. In case, Sensex slips and trades below 20,400, we could witness deeper cuts on the index.

As per the daily Fibonacci charts, the Sensex may seek support around 20,485-20,460-20,435, while face resistance around 20,620-20,680-20,710.

The NSE Nifty is likely to weaken in the near term, as key momentum oscillators like the MACD, 14-day RSI and Stochastic Slow have given negative divergence.

Click Here for the detailed analysis.

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