Daily BSE NSE Forecast August 31, 2017
Expectation: Bullish or neutral
Action: Buy, with a target of 31,750
Yesterday, the BSE Sensex moved up sharply and closed at 31,646, thus gaining 256 points. At this time, this market is still in long term bull trend phase. In the short term, it has breached the key 31,500 support and has entered bullish to neutral 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 31,950 level. Currently, the trend is bullish to neutral. The next support level is at the 31,450 region. If the 31,450 support level is breached, then the near term trend would become bearish again and the 31,250 level (which is a very strong support) could be tested again. Right now, you should buy with a target of 31,750.
NSE Nifty 50:
Expectation: Bullish to neutral
Action: Buy, with a target of 9950
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved sharply upwards, and closed at 9884, thus gaining 88 points in the day’s trade. This market is currently in a bullish to neutral 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 9800 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.