 "Sensex may test 57,000-odd levels by year end, Fibonacci charts show")
Following Thursday's heavy sell-off, the BSE Sensex on Friday morning extended the fall to a low of 59,104 amid valuations concerns and persistent selling by foreign funds. In the process, the BSE index broke its crucial support on the quarterly Fibonacci charts.
As per the quarterly Fibonacci charts, the BSE benchmark index can now slide towards 57,250-55,850 odd levels by the end of December 2021. On the upside, the Sensex is likely to face considerable resistance around the 61,000-level, with upside likely to be capped around 62,400-odd levels for the rest of the year.
As per the yearly charts, the BSE index has a near support at 58,870, below which 56,250 seems imminent.
The monthly Fibonacci charts, indicates a likely trading range of 57,600-62,180 for the Sensex in November, with intermediate support around 58,500-58,050, and resistance around 60,700-61,300.
The NSE Nifty on the other hand, had broken its short-term support, the 20-DMA in trades on Thursday. The 20-DMA for the index is now around 18,030-odd level.
The Nifty in early trades on Friday dipped to a low of 17,613, which was close to the 50-DMA around 17,570-odd levels, and then pulled-back. In the process, the NSE Nifty had shed 5.6 per cent from its recent life-time high of 18,604, in just nine trading sessions, and the index was poised to log its second staright weekly loss.
As per the daily charts, as long as the NSE index holds above the 50-DMA, the index can attempt a pull-back towards 18,100-18,200 odd levels. On the flip slide, sustained trade below 17,600-level can trigger a fall towards 16,800-odd levels, which also conincides the 20-WMA (Weekly Moving AVerage).
As per the quarterly Fibonacci charts, the BSE benchmark index can now slide towards 57,250-55,850 odd levels by the end of December 2021. On the upside, the Sensex is likely to face considerable resistance around the 61,000-level, with upside likely to be capped around 62,400-odd levels for the rest of the year.
As per the yearly charts, the BSE index has a near support at 58,870, below which 56,250 seems imminent.
The monthly Fibonacci charts, indicates a likely trading range of 57,600-62,180 for the Sensex in November, with intermediate support around 58,500-58,050, and resistance around 60,700-61,300.
The NSE Nifty on the other hand, had broken its short-term support, the 20-DMA in trades on Thursday. The 20-DMA for the index is now around 18,030-odd level.
The Nifty in early trades on Friday dipped to a low of 17,613, which was close to the 50-DMA around 17,570-odd levels, and then pulled-back. In the process, the NSE Nifty had shed 5.6 per cent from its recent life-time high of 18,604, in just nine trading sessions, and the index was poised to log its second staright weekly loss.
As per the daily charts, as long as the NSE index holds above the 50-DMA, the index can attempt a pull-back towards 18,100-18,200 odd levels. On the flip slide, sustained trade below 17,600-level can trigger a fall towards 16,800-odd levels, which also conincides the 20-WMA (Weekly Moving AVerage).
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%