Daily BSE NSE Forecast July 5, 2017
The BSE Sensex was choppy yesterday and closed at 31,209, thus losing 11 points in the day’s trade. It appears that this marginal drop is a part of the consolidation phase before a sustained bull run. Looking at the charts, it is clear that the bearish trend is now over and this market is ready for another bull run. Trend lines indicate that the 31,300 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 31,600 level. The 31,000 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 31,000, then the bullish trend will change and turn bearish and the 30,700 level could be tested again. You can aim to sell at the 30,700 level.
NSE Nifty 50:
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it was choppy and closed at 9613, thus losing 1 point in the day’s trade. This is very close to the key 9600 support level. The market is currently in a bullish phase. Trend lines indicate that the 9650 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 9550 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.