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Market Commentary
Sensex closes the week above 20000 - Angel Broking
Posted On : 2013-05-12 21:01:22( TIMEZONE : IST )
The opening session of the week opened on a flat note, in-line with quiet trading mood across the globe. However on Tuesday, our benchmark indices opened higher and posted more than a percent gain. In the process, indices managed to traverse last week's high of 19792 / 6020. This has resulted in acceleration of positive momentum for rest of the week. As expected, indices then moved towards the '52-week' high of 20204 / 6112 (Sensex is trading bit lower than 20204; whereas Nifty has tested 6112) during the last week of the session. During the week, the Banking, FMCG, Auto, Consumer Durables and IT counters contributed heavily in pushing indices towards their '52-week' high; whereas the Metal and Health Care sectors remained under pressure. The Sensex and the Nifty posted a decent gain of 2.59% and 2.54%, respectively, over the previous week's closing.
- The '20-week EMA' and the '20-day EMA' are placed at 19187/ 5815 and 19503/ 5919 levels, respectively.
- The '89-day EMA' and the '200-day SMA' are placed at 19212/ 5822 and 18834 / 5711, respectively.
- The weekly ADX (9) indicator and the 'RSI-Smoothened' oscillator are still positively poised.
For the fourth consecutive week, our benchmark indices have closed in the positive territory. We had mentioned in our previous report that the weekly ADX (9) indicator and the 'RSI-Smoothened' oscillator are positively poised. The impact of these evidences was seen during the week as indices precisely tested the '52-week' high of 20204 / 6112 (Sensex is trading bit lower than 20204; whereas Nifty has tested 6112). Considering the weekly price action and sheer momentum in the market, it can be concluded that if indices sustain above 20204 / 6112, then the possibility of testing 20665 / 6181 cannot be ruled out. However, the daily momentum oscillator, viz. the 'RSI-Smoothened' has now entered an extreme overbought territory and some sideways or corrective movement is also likely. Nevertheless, loss of current optimism would be seen only below 19903 / 6040 level. In this scenario, indices may test 19743 - 19542 / 5993 - 5928 levels. We advise traders to book their partial profits and maintain strict stop loss for remaining long positions.
