Daily BSE NSE Forecast October 12, 2017

BSE Sensex:

Expectation: Bullish or neutral

Target: 31,850

Action: Buy, with a target of 31,850

Yesterday, the BSE Sensex moved lower and closed at 31,783. At this time, this market is still in long term bull trend phase. In the short term too, it is in bullish to neutral territory. Trend lines indicate that the 31,850 level is the immediate resistance point for this market. If this point is breached and the market closes above this level, then the near term trend will become strongly bullish and the market would move towards the 32,000 level. Currently, the trend is bullish to neutral. The next support level is at the 31,650 region. If the 31,650 support level is breached, then the near term trend would become bearish again and the 31,500 level could be tested again. Right now, you should buy with a target of 31,850.

NSE Nifty 50:

Expectation: Bullish to neutral

Target: 10,000

Action: Buy, with a target of 10,000

Yesterday, the NSE Nifty 50 moved lower and closed at 9972. This market is currently in a bullish to neutral phase. Trend lines indicate that the 10,000 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 again, further upward movement will be possible and the market would move towards the 10,100 level. Currently, you should buy with a target of 10,000. At this point in time, the 9900 mark is the immediate support level for this market. If the market goes below this level and closes below it, then the trend will turn bearish again and further downward movement would be possible.