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      Market Outlook for 23-27 Feb

      Rex Cano / Mumbai, Feb 22, 2015 08:27 PM IST

        Market Outlook for 23-27 Feb

        The markets are entering the biggest week of any calendar year - the Budget week on a tricky note.

        The Sensex after taking support around the monthly S-1 (around 28,040) has bounced back strongly and touched a high of 29,522. The BSE index has given a minor buy signal on the monthly Fibonacci charts, and may now test 29,860-odd level on the upside.

        This week, the BSE index is likely to move in a tight range of 28-960-29,500, a decisive break on either side can trigger a sharp movement in the particular direction.

        Next week, the Sensex is likely to seek support around 29,065-29,010-28,960, while face resistance around 29,400-29,450-29,505.

        The NSE Nifty has now bounced back above the 20-DMA (Daily Moving Average), which is 8,775. The NSE index is likely to trade with a positive bias as long as the NSE index sustains above the 20-DMA.

        On the upside, the Nifty may test the upper-end of the Bollinger Band, which is around the 9,000-mark.

        On the flip side, in case, the NSE index drops below the 20-DMA, the index may slide towards the lower-end of the Bollinger Band at 8,550.

        Also read: Outlook on Key Commodities for the Week 23-27 February

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) is in neutral mode. The 14-day RSI (Relative Strength Index), the ADX (Average Directional Index) and the Stochastic Slow are in favour of the bulls.

        The weekly MACD, RSI and the ADX index are also positive. The Stochastic Slow is in neutral mode.

        Next week, the Nifty may seek support around 8,780-8,768-8,753, while face resistance around 8,874-8,888-8,902.

        The Bank Nifty may seek support around 18,800-18,720-18,645, while face resistance around 19,300-19,380-19,455.

        Disclaimer: The author has no financial interest in any of the financial instruments mentioned above.

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