Daily BSE NSE Forecast August 4, 2017
Action: Buy, with a target of 32,750
Yesterday, the BSE Sensex moved lower and closed at 32,237, hence losing 238 points in the day’s trade and breaching the 32,250 support level. As we had predicted, in the short term, there would be some minor dips in the market due to profit booking and due to psychological resistance. But in the longer term, the trend will remain bullish. Today’s dip does not indicate a change in the long term trend. Trend lines indicate that the 32,500 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 32,500. The 32,000 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 32,000, then the bullish trend will change and turn bearish and the 31,750 level could be tested again. You can aim to sell at the 32,000 level.
NSE Nifty 50:
Action: Buy, with a target of 10,100
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved lower and closed at 10,013, thus losing 67 points in the day’s trade. This dip is a part of normal volatility during a longer term bull run and does not indicate a change in trend. This market is currently in a bullish phase. Trend lines indicate that the 10,100 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 10,200 level. Currently, you should aim to buy with a target of 10,100. At this point in time, the 9950 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.