Daily BSE NSE Forecast August 24, 2017
Action: Buy, with a target of 31,700
Yesterday, the BSE Sensex moved up and closed at 31,568, hence gaining 276 points in the day’s trade and breaching the key 31,400 resistance area. At this time, this market is still in long term bull trend phase. In the short term, it has now moved into bullish territory. Trend lines indicate that the 31,700 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 31,900 level. Currently, the trend is bullish. The next support level is at the 31,400 region (the previous resistance). If the 31,400 support level is breached, then the near term trend would become bearish again and the 31,250 level (which is another very strong support) could be tested again. Right now, you should buy with a target of 31,700.
NSE Nifty 50:
Action: Buy, with a target of 9950
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved up, and closed at 9852, thus gaining 86 points in the day’s trade and breaching the crucial 9850 resistance. This market is currently in a bullish phase. Trend lines indicate that the 9950 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 again, further upward movement will be possible and the market would move towards the 10,000 level. Currently, you should buy with a target of 9950. 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 bearish again and further downward movement would be possible.