The markets slipped last week on the back of weakness in the global markets. Major Asian indices, like the Hang Seng and Nikkei, were down over 5.5% each at 28,783 and 15,583, respectively. The Shanghai Composite index plunged 8% to 5315.
The Sensex ended in red right through last week, and dropped 5.3% (1,068 points) to 18,908. The index moved in a range of 1,272 points from an opening high of 20,009 to an intra-week low of 18,737.
Last week, we had mentioned that the index may consolidate and test its near-term support of 18,660. The index is close to its support level and in case the support fails to hold, which seems quite possible, it may take a sharper dip towards its major support area of 17,300-17,000.
The sentiment, however, is likely to remain bullish as long as the Sensex stays above the key support level.
This week, the Sensex is likely to face resistance around 19,400-19,550-19700, and find support around 18,420-18,270-18,120.
The NSE Nifty moved in a range of 342 points - a high of 5957 and a low of 5615 - before settling with a loss of 4.5% (269 points) at 5663. In the process, the index briefly dipped below the 5675 support level.
The next significant support level for the Nifty is around 5425 below which the index may drop to the 5000 level.
This week, the index may face resistance around 5795-5835-5875 and find support around 5530-5490-5450.
The Nifty Moving Average Convergence Divergence (MACD) is bearish since it is trading above its 'signal line'. The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, functions as a trigger for buy and sell signals.
The Sensex ended in red right through last week, and dropped 5.3% (1,068 points) to 18,908. The index moved in a range of 1,272 points from an opening high of 20,009 to an intra-week low of 18,737.
Last week, we had mentioned that the index may consolidate and test its near-term support of 18,660. The index is close to its support level and in case the support fails to hold, which seems quite possible, it may take a sharper dip towards its major support area of 17,300-17,000.
The sentiment, however, is likely to remain bullish as long as the Sensex stays above the key support level.
This week, the Sensex is likely to face resistance around 19,400-19,550-19700, and find support around 18,420-18,270-18,120.
The NSE Nifty moved in a range of 342 points - a high of 5957 and a low of 5615 - before settling with a loss of 4.5% (269 points) at 5663. In the process, the index briefly dipped below the 5675 support level.
The next significant support level for the Nifty is around 5425 below which the index may drop to the 5000 level.
This week, the index may face resistance around 5795-5835-5875 and find support around 5530-5490-5450.
The Nifty Moving Average Convergence Divergence (MACD) is bearish since it is trading above its 'signal line'. The MACD is calculated by subtracting the 26-day exponential moving average (EMA) from the 12-day EMA. A nine-day EMA of the MACD, called the signal line, functions as a trigger for buy and sell signals.
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