Daily BSE NSE Forecast October 18, 2017
Expectation: Bullish or neutral
Action: Buy, with a target of 32,750
Yesterday, the BSE Sensex moved lower and closed at 32,609, thus losing 24 points in the day’s trade. 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 32,750 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 33,000 level. Currently, the trend is bullish to neutral. The next support level is at the 32,250 region. If the 32,250 support level is breached, then the near term trend would become bearish again and the 32,000 level could be tested again. Right now, you should buy with a target of 32,750.
NSE Nifty 50:
Expectation: Bullish to neutral
Action: Buy, with a target of 10,350
Yesterday, the NSE Nifty 50 moved higher and closed at 10,234, thus gaining 4 points in the day’s trade. This market is currently in a bullish to neutral phase. Trend lines indicate that the 10,350 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 10,450 level. Currently, you should buy with a target of 10,350. At this point in time, the 10,100 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.