Daily BSE NSE Forecast August 9, 2017
Expectation: Bullish long term, slightly bearish near term
Action: Hold or sell, with a target of 31,975
Yesterday, the BSE Sensex dropped sharply and closed at 32,014, hence losing 259 points in the day’s trade. At this time, this market is hovering just a little bit above the key support level at 32,000. 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. Trend lines indicate that the 32,200 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 32,500 level. Currently, the long term trend is bullish but the near term trend is slightly bearish since the market has dropped sharply and has almost hit the support level at 32,000. If the 32,000 support level is breached, then the near term trend would become bearish. Right now, you should hold your positions for 1 trading session and wait for a clear direction to emerge. Alternatively, you can sell with a target of 31,975.
NSE Nifty 50:
Expectation: Bearish to neutral
Action: Hold or sell, with a target of 9950
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved lower and closed at 9978, thus losing 78 points in the day’s trade. This market is currently in a bearish to neutral phase. Trend lines indicate that the 10,000 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 bullish, further upward movement will be possible and the market would move towards the 10,100 level. Currently, you should hold for 1 trading session and wait for stronger signal to emerge or sell with a target of 9950. 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 strongly bearish and further downward movement would be possible. You can aim to sell at this level.