Daily BSE NSE Forecast July 19, 2017
The BSE Sensex dropped sharply yesterday and closed at 31,710, hence losing 363 points in the day’s trade. It is being claimed that GST (and ITC) was primarily responsible for this drop. However, this drop is quite excessive and the market should bounce back from this. This market is in a strongly bullish phase currently. In the short term, there could be some more minor dips in the market due to profit booking, but in the longer term, the trend will remain bullish. 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. You can aim to buy with a target of 32,500. 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 – it moved lower and closed at 9827, thus losing 88 points in the day’s trade. This market is currently in a bullish 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, further upward movement will be possible and the market could move towards the 10,000 level during the next 2 to 3 trading sessions. 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.