Daily BSE NSE Forecast August 18, 2017

BSE Sensex:

Expectation: Bullish

Target: 31,950

Action: Buy, with a target of 31,950

Yesterday, as we had predicted, the BSE Sensex moved up and closed at 31,795, hence gaining 24 points in the day’s trade. 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 31,950 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 32,200 level. Currently, the trend is bullish. The next support level is at the 31,650 (the previous resistance) region. If the 31,650 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 31,950.

NSE Nifty 50:

Expectation: Bullish

Target: 10,000

Action: Buy, with a target of 10,000

Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved up, as we had predicted, and closed at 9904, thus gaining 6 points in the day’s trade. This market is currently in a bullish phase. Trend lines indicate that the 10,000 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 10,000. At this point in time, the 9850 mark (the previous resistance) is the immediate support level for this market. If the market goes below this level and closes below it, then the trend will turn bearish and further downward movement would be possible. You can aim to sell at the 9850 level.