Daily BSE NSE Forecast July 11, 2017
The BSE Sensex was strongly bullish yesterday, as we had predicted, and closed at 31,715, hence gaining 355 points in the day’s trade. Thus, this market is strongly bullish currently and could cross 32,000 in the next 2 to 3 trading sessions. Looking at the charts, it is clear that the bearish trend is now behind us and this market is ready for another bull run. Trend lines indicate that the 32,000 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. You can aim to buy with a target of 32,000. The 31,500 level is the new 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 31,500, then the bullish trend will change and turn bearish and the 31,000 level could be tested again. You can aim to sell at the 31,500 level.
NSE Nifty 50:
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex (despite practically no trading during the morning session) – it was bullish and closed at 9771, thus gaining 105 points in the day’s trade. This market is currently in a bullish phase. Trend lines indicate that the 9800 level is the immediate 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 could move towards the 10,000 level. You can aim to buy with a target of 10,000. At this point in time, the 9700 mark is a strong 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.