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      Daily Market Outlook for 04 March

      Rex Cano / Mumbai, Mar 04, 2015 08:37 AM IST

        Daily Market Outlook for 04 March

        The Sensex ended higher for the fourth straight trading session on Monday on the back of positive momentum,

        The BSE index seems on course to test its crucial weekly and monthly hurdle around 29,700 in the near term. Fresh gains can be expected only on sustained break and trade above the 29,700-level.

        As per the weekly Fibonacci charts, the bias is likely to remain positive for the BSE Sensex as long as the index remains above 29,300-odd levels.

        As per the daily Fibonacci charts, the Sensex on Wednesday, is likely to seek support around 29,490-29,455-29,425, while on the upside may face resistance around 29,695-29,730-29,760.

        The NSE Nifty continues to push around the higher end of the Bollinger Band on the daily charts.

        The bias is likely to remain bullish as long as the BSE index sustains above the 8,900-odd level. The weekly charts indicate an upside target around 9,060-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) and the ADX (Average Directional Index) are in favour of the bulls. The Stochastic Slow, however, is showing some signs of tiredness.

        On Wednesday, the NSE Nifty may seek support around 8,965-8,955-8,945, while face resistance around 9,025-9,035-9,048.

        The Bank Nifty may seek support around 19,880-19,850-19,825, while on the other hand face resistance around 20,045-20,075-20,100.

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

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