Daily BSE NSE Forecast June 29, 2017

BSE Sensex:

Expectation: Bearish to neutral

Target: 30,700

As we had predicted, the BSE Sensex was bearish yesterday and closed at 30,834, thus losing 123 points in the day’s trade and breaching the key 31,000 support level. The bullish trend has now changed and turned to neutral and the bearish trend is strengthening. If the market continues downward further and breaches the next support 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. Currently, you should wait and watch the market over the next 1 more trading session and see whether the trend again turns bullish or continues to be bearish. 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.

NSE Nifty 50:

Expectation: Bearish to neutral

Target: 9,430

Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it was bearish and closed lower at 9491, thus losing 20 points in the day’s trade. This is very close to the key 9500 support level. The market has now entered a neutral phase and the bullish trend is no longer prevalent. Right now, you should wait for a clear trend to emerge – so, over the next 1 more trading session, you should hold on to your positions and wait for clear signals about which direction the market is headed. 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. 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 again turn bullish, further upward movement will be possible and the market could move towards the 9800 level.