Daily BSE NSE Forecast August 23, 2017

BSE Sensex:

Expectation: Bearish

Target: 31,000

Action: Sell, with a target of 31,000

Yesterday, the BSE Sensex moved up and closed at 31,291, hence gaining 33 points in the day’s trade. At this time, this market is still in long term bull trend phase. In the short term, it is still in bearish territory. Trend lines indicate that the 31,400 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 31,650 level. Currently, the trend is bearish. The next support level is at the 31,000 region – this is a very strong support. If the 31,000 support level is breached, then the near term trend would become strongly bearish again and the 30,000 level (which is another very strong support) could be tested again. Right now, you should sell with a target of 31,000.

NSE Nifty 50:

Expectation: Bearish

Target: 9650

Action: Sell, with a target of 9650

Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved up, and closed at 9765, thus gaining 11 points in the day’s trade. This market is currently in a bearish phase. Trend lines indicate that the 9850 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 9650. At this point in time, the 9650 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.