Daily BSE NSE Forecast August 3, 2017

BSE Sensex:

Expectation: Bullish

Target: 32,750

Action: Buy, with a target of 32,750

Yesterday, the BSE Sensex moved lower and closed at 32,476, hence losing 98 points in the day’s trade. This market is in a strongly bullish phase currently and is set to move upwards. In the short term, there could be some minor dips in the market due to profit booking or due to psychological resistance. But in the longer term, the trend will remain bullish. Trend lines indicate that the 32,750 level is the immediate resistance point for this market. If this point is breached and the market closes above this level, then the bull run will become stronger and the market could move towards the 33,000 level. Currently, you should aim to buy with a target of 32,750. The 32,250 level is the immediate support level for this market and the market should stay above this level in the near term. If the market moves downward and breaches the support level at 32,250, then the bullish trend will change and turn bearish and the 32,000 level could be tested again. You can aim to sell at the 32,250 level.

NSE Nifty 50:

Expectation: Bullish

Target: 10,200

Action: Buy, with a target of 10,200

Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved lower and closed at 10,081, thus losing 33 points in the day’s trade. This market is currently in a bullish phase. Trend lines indicate that the 10,200 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 10,250 level. Currently, you should aim to buy with a target of 10,200. At this point in time, the 10,000 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 and further downward movement would be possible. You can aim to sell at this level.