Daily BSE NSE Forecast August 30, 2017
Action: Sell, with a target of 31,250
Yesterday, the BSE Sensex dropped sharply lower and closed at 31,388, thus losing 362 points. At this time, this market is still in long term bull trend phase. In the short term though, it has breached the key 31,400 support and has entered bearish territory. Trend lines indicate that the 31,500 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 31,750 level. Currently, the trend is bearish. The next support level is at the 31,250 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:
Action: Sell, with a target of 9700
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved sharply lower, and closed at 9796, thus losing 116 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 strongly bullish again, further upward movement will be possible and the market would move towards the 9950 level. Currently, you should sell with a target of 9700. At this point in time, the 9700 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 again and further downward movement would be possible.