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      Daily Market Outlook for 03 March

      Rex Cano / Mumbai, Mar 03, 2015 08:31 AM IST

        Daily Market Outlook for 03 March

        The Sensex has given a mild buy signal on the weekly Fibonacci charts. Hence, the bias is likely to remain positive in the near term.

        As per the weekly Fibonacci charts, the Sensex may attempt to test the weekly R-1 (resistance) around 29,690-odd levels soon.

        As per the quarterly charts, the bias is likely to remain bullish as long as the BSE index sustains above 29,300-odd levels.

        The monthly Fibonacci charts indicate, support for the BSE index around 28,780-28,600-28,420, while resistance around 29,940-30,120-30,300.

        As per the daily Fibonacci charts, the Sensex on Tuesday, is likely to seek support around 29,340-29,300-29,260, while on the upside may face resistance around 29,580-29,620-29,655.

        The NSE Nifty is currently testing some resistance around the higher-end of the Bollinger Band on the daily charts.

        The NSE index needs to break and close above 8,975-odd levels for a stronger rally to emerge.

        In case, the Nifty fails to break and sustain above the higher-end of the Bollinger Band, we can witness a correction towards the 20-DMA (Daily Moving Average) at 8,760-odd levels.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) has given a positive divergence. The 14-day RSI (Relative Strength Index), the Stochastic Slow and the ADX (Average Directional Index) are all in favour of the bulls.

        On Tuesday, the NSE Nifty may seek support around 8,925-8,915-8,900, while face resistance around 8,990-9,000-9,010.

        The Bank Nifty may seek support around 19,890-19,850-19,815, while on the other hand face resistance around 20,130-20,165-20,205.

        Disclaimer: The author has no financial interest in any of the financial instruments mentioned above. For more blogs visit http://chartreader79.blogspot.in/


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