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Sensex Projections for May 2013

Sensex is an index which can help an individual get a true picture about the state of affairs in the Indian market. We have analysed the likely trend of Sensex in the forthcoming days as per the Fibonacci levels and same is as appended below:

Since we are at the start of the month the key monthly Fibonacci levels to watch out for are as follows: Support around 18,940-18,765-18,585, while resistance around 20,070-20,245-20,420. According to quarterly Fibonacci charts, the Sensex has crossed the R1 and R2 level, and is now likely to test R3 around 19,850. The bias is likely to remain fairly positive for the next two months as long as the BSE index sustains above 19,460. Next week, the Sensex is likely to move in the range of 19,260-19,890, with support expected around 19,320- 19,380, and resistance around 19,770-19,830.

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