Foresee, Sensex can hit Five Six By Sumeet Bagadia, Choice Broking
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Below are Views On Foresee, Sensex can hit Five Six By Sumeet Bagadia, Executive Director and Head of Technical Research at Choice Broking
During the covid period in Mar'2020, when there was a lockdown imposed in the country, the BSE Sensex hit a low of 25638.90 levels. After that, we witnessed Accenture’s journey in the market with high liquidity, the broader market was zooming like anything. A fresh journey started from Mar'2020, low at 25638.90 to the all-time high at 52516.76 levels till Feb’ 2021. The SENSEX gained more than 104% in one year of timeframe. After that, the index slipped more than 10% from the all-time high, ie., 52516.76 to 47204.50, made in Apr'2021.
Then again, the SENSEX resumed the gains and consolidated in the month of June'2021 to July'2021 between the ranges of 51450 to 53290 levels, almost 2000 points. Finally, the BSE SENSEX gave a breakout in August'2021 from 52901.28 levels towards a new milestone of $9737.32 levels, gaining more than 6500 points in just one anda half months. After that, we witnessed slight profit booking in the mid of September from 59737.32 levels to 58232.54 levels, dragging almost 1500 points. But in the same month, SENSEX regained and set anew milestone at 60412.32 levels.
Technically, the SENSEX has breached the prior resistance at 59737.32 and managed to sustain above 60000 marks. The index has been flying above the Ichimoku Cloud & Bollinger Band formation. Allthe supportive indicators like RSI, Stochastic & MACD suggest anupside rally for thenear term, As per the Fibonacci Extension from 28th July 21 to 17th Sep. 21 i.e. $1802.73 to $9737.32 levels along with a small fall suggested a 50% extension at 62222 levels which could be a short-term target for the BSE benchmark index.
If we focus on the medium-term time horizon, the rally could extend till 64444 which is a 61.8% Fibonacci Extension of the above rally. Some upward or downward movement could be seen while reaching a new milestone, but every dip will bea good opportunity forthe investor. Ina longer time horizon, the rally is likely to be continued till the 66666 magical numbers in the next few months, which is a 100% extension of the recent journey.
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