Daily BSE NSE Forecast August 21, 2017

BSE Sensex:

Expectation: Bearish

Target: 31,250

Action: Sell, with a target of 31,250

On Friday, the BSE Sensex moved lower and closed at 31,524, hence losing 271 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 bearish territory. Trend lines indicate that the 31,750 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 bullish and the market would move towards the 31,900 level. Currently, the trend is bearish. The next support level is at the 31,250 (the previous resistance) region. If the 31,250 support level is breached, then the near term trend would become strongly bearish again and the 31,000 level (which is a very strong support) could be tested again. Right now, you should sell with a target of 31,250.

NSE Nifty 50:

Expectation: Bearish

Target: 9750

Action: Sell, with a target of 9750

On Friday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved lower, and closed at 9837, thus losing 67 points in the day’s trade. This market is currently in a bearish 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 bullish again, further upward movement will be possible and the market would move towards the 10,000 level. Currently, you should sell with a target of 9750. At this point in time, the 9750 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 strongly bearish and further downward movement would be possible. You can aim to sell at the 9750 level.