The BSE Sensex has rallied for the last seven trading sessions, gaining over 1,200-odd points in the same period.
After a minor buy signal on the weekly Fibonacci charts in trade on Wednesday, the BSE index has now given a stronger buy signal on the weekly Fibonacci charts on Thursday.
As per the weekly Fibonacci charts, the BSE index may attempt to test the weekly R-2 and R-3 at 29,650 and 29,785, respectively. The intra-day correction on Thursday, saw the Sensex take support around the expected level of 29,100-odd level.
As per the monthly Fibonacci charts, the BSE index seems on course towards 29,860-odd levels, after having taken support around the monthly S-1 (support) at 28,000-mark earlier this month.
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 29,305-29,255-29,205, while on the upside may face resistance around 29,620-29,670-29,720.
The NSE Nifty seems to have created a 'Hanging Man' structure on the daily charts. Generally, a 'Hanging Man' at the top of the trend following a sharp rally indicates a likely trend reversal.
Hence, one needs to be prepared for high drama on the Street in the coming trading sessions. Apart from profit-taking or short-covering the upcoming Union Budget next week is likely to keep traders on their toes.
On the positive front, the NSE index has managed to close above the 20-DMA (Daily Moving Average) for the fourth straight trading session.
The daily charts indicate that the NSE index may test the higher-end of the Bollinger Band around the 9,000-mark in the coming trading sessions. In case of a correction, the BSE index may take support around the 20-DMA at 8,770-odd level.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) has turned positive on the daily charts. The ADX (Average Directional Index), the 14-day RSI (Relative Strength Index) and the Stochastic Slow are also in favour of the bulls.
On Friday, the NSE Nifty may seek support around 8,850-8,835-8,820, while face resistance around 8,940-8,955-8,970.
The Bank Nifty may seek support around 19,025-18,965-18,910, while on the other hand face resistance around 19,410-19,470-19,530.
After a minor buy signal on the weekly Fibonacci charts in trade on Wednesday, the BSE index has now given a stronger buy signal on the weekly Fibonacci charts on Thursday.
As per the weekly Fibonacci charts, the BSE index may attempt to test the weekly R-2 and R-3 at 29,650 and 29,785, respectively. The intra-day correction on Thursday, saw the Sensex take support around the expected level of 29,100-odd level.
As per the monthly Fibonacci charts, the BSE index seems on course towards 29,860-odd levels, after having taken support around the monthly S-1 (support) at 28,000-mark earlier this month.
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 29,305-29,255-29,205, while on the upside may face resistance around 29,620-29,670-29,720.
The NSE Nifty seems to have created a 'Hanging Man' structure on the daily charts. Generally, a 'Hanging Man' at the top of the trend following a sharp rally indicates a likely trend reversal.
Hence, one needs to be prepared for high drama on the Street in the coming trading sessions. Apart from profit-taking or short-covering the upcoming Union Budget next week is likely to keep traders on their toes.
On the positive front, the NSE index has managed to close above the 20-DMA (Daily Moving Average) for the fourth straight trading session.
The daily charts indicate that the NSE index may test the higher-end of the Bollinger Band around the 9,000-mark in the coming trading sessions. In case of a correction, the BSE index may take support around the 20-DMA at 8,770-odd level.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) has turned positive on the daily charts. The ADX (Average Directional Index), the 14-day RSI (Relative Strength Index) and the Stochastic Slow are also in favour of the bulls.
On Friday, the NSE Nifty may seek support around 8,850-8,835-8,820, while face resistance around 8,940-8,955-8,970.
The Bank Nifty may seek support around 19,025-18,965-18,910, while on the other hand face resistance around 19,410-19,470-19,530.
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