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      Daily Market Outlook for 03 Feb

      Rex Cano / Mumbai, Feb 03, 2015 08:27 AM IST

        Daily Market Outlook for 03 Feb

        The BSE Sensex started the week on a tentative note, awaiting cues from the RBI policy on Tuesday.

        The BSE index seems to have given a mild sell signal on the weekly Fibonacci charts, hence one should watch out for selling pressure on the higher side.

        As per the quarterly Fibonacci charts, the BSE index is likely to test support around 28,600-odd level.

        As per the daily Fibonacci charts, the Sensex on Tuesday, is likely to seek support around 29,005-28,965-28,930, while on the upside may face resistance around 29,240-29,275-29,315.

        The NSE Nifty seems to be correcting from overbought levels, and select momentum oscillators have already turned negative.

        Going ahead, the Nifty may test support around 8,700-odd level.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the ADX (Average Directional Index) are still positive. The 14-day RSI (Relative Strength Index) is in neutral mode, while the Stochastic Slow is negative.

        On Tuesday, the NSE Nifty may seek support around 8,765-8,750-8,740, while face resistance around 8,830-8,840-8,885.

        The Bank Nifty may seek support around 19,700-19,650-19,600, while on the other hand face resistance around 20,030-20,080-20,130.

        Disclaimer: The author has no financial interest in any of the financial instruments mentioned above.

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