Daily BSE NSE Forecast August 16, 2017
Action: Buy, with a target of 31,650
On Monday, the BSE Sensex moved up sharply and closed at 31,449, hence gaining 235 points in the day’s trade and breaching the key 31,400 resistance level. At this time, this market is still in long term bull trend phase. In the short term, it has reentered bullish territory. Trend lines indicate that the 31,650 level is the immediate resistance point for this market. If this point is breached and the market closes above this level, then the near term trend will again become strongly bullish and the market would move towards the 32,000 level. Currently, the trend is bullish. The next support level is at the 31,250 region. If the 31,250 support level is breached, then the near term trend would become bearish again and the 31,000 level (which is a very strong support) could be tested again. Right now, you should buy with a target of 31,650.
NSE Nifty 50:
Action: Buy, with a target of 9850
On Monday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved up and closed at 9794, thus gaining 83 points in the day’s trade. This market is currently in a bullish phase. Trend lines indicate that the 9900 level is the next resistance point for this market. If this point is breached and the market closes above this level, then the trend will become strongly bullish, further upward movement will be possible and the market would move towards the 10,100 level. Currently, you should buy with a target of 9850. At this point in time, the 9750 mark is the immediate support level for this market. If the market goes below this level and closes below it, then the trend will turn strongly bearish and further downward movement would be possible. You can aim to sell at this level.