Daily BSE NSE Forecast September 7, 2017
Expectation: Bearish or neutral
Action: Sell, with a target of 31,600
Yesterday, the BSE Sensex moved lower and closed at 31,661, thus losing 148 points. At this time, this market is still in long term bull trend phase. In the short term, it has entered bearish 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 again become bullish and the market would move towards the 31,950 level. Currently, the trend is bearish to neutral. The next support level is at the 31,600 region. If the 31,600 support level is breached, then the near term trend would become strongly bearish again and the 31,500 level (which is a strong support) could be tested again. Right now, you should sell with a target of 31,600.
NSE Nifty 50:
Expectation: Bearish to neutral
Action: Sell, with a target of 9850
Yesterday, the NSE Nifty 50 largely mirrored the BSE Sensex – it moved lower, and closed at 9916, thus losing 36 points in the day’s trade. This market is currently in a bearish 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 sell with a target of 9850. At this point in time, the 9850 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.