Daily BSE NSE Forecast September 4, 2017
Expectation: Bullish or neutral
Action: Buy, with a target of 31,950
On Friday, the BSE Sensex moved up and closed at 31,892, thus gaining 162 points. At this time, this market is still in long term bull trend phase. In the short term, it has breached the key 31,500 support and has entered bullish to neutral territory. Trend lines indicate that the 31,950 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 again become bullish and the market would move towards the 32,100 level. Currently, the trend is bullish to neutral. The next support level is at the 31,750 region. If the 31,750 support level is breached, then the near term trend would become bearish again and the 31,650 level (which is a strong support) could be tested again. Right now, you should buy with a target of 31,950.
NSE Nifty 50:
Expectation: Bullish to neutral
Action: Buy, with a target of 10,000
On Friday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved upwards, and closed at 9974, thus gaining 57 points in the day’s trade. 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 strongly bearish again and further downward movement would be possible.