Daily BSE NSE Forecast July 3, 2017

BSE Sensex:

Expectation: Bullish to neutral

Target: 31,600

The BSE Sensex was bullish on Friday and closed at 30,921, thus gaining 64 points in the day’s trade. It appears that the bearish trend may be over and this market is ready for another bull run. Trend lines indicate that the 31,000 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 continue once again and the market could move towards the 31,600 level. On the other hand, if the market continues downward further and breaches the support level at 30,700, then the trend will turn strongly bearish and the 30,000 level could be tested. You can aim to sell at the 30,700 level.

NSE Nifty 50:

Expectation: Bullish to neutral

Target: 9,600

On Friday, the NSE Nifty 50 largely mirrored the BSE Sensex – it was bullish and closed at 9520, thus gaining 16 points in the day’s trade. This is very close to the key 9500 support level. The market is currently in a bullish to neutral phase. Trend lines indicate that the 9550 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 9800 level. At this point in time, the 9430 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.