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      Daily Market Outlook for 05 March

      Rex Cano / Mumbai, Mar 05, 2015 08:26 AM IST

        Daily Market Outlook for 05 March

        The Sensex zoomed past the 30,000-mark, to touch a high of 30,025, but eventually ended notably lower at 29,381 on account of profit-taking at higher levels.

        The Sensex crossed the Fibonacci weekly hurdles in intra-day trades following the dash to the 30,000-mark, but has not been able to clear the same on a closing basis.

        Hence going ahead, the BSE index needs to clear the 29,700 resistance for fresh up move.

        As per the weekly Fibonacci charts, failure to cross and sustain above the 29,700-level can trigger selling pressure towards 29,000-odd levels.

        As per the daily Fibonacci charts, the Sensex on Thursday, is likely to seek support around 29,100-29,015-28,925, while on the upside may face resistance around 29,660-29,750-29,835.

        The NSE Nifty zoomed above the higher-end of the Bollinger Band in morning deals, but finally ended at 8,923, fairly below the higher-end of the Bollinger Band which is at 9,030.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the ADX (Average Directional Index) are in favour of the bulls on the daily charts. The 14-day RSI (Relative Strength Index) is in neutral mode. The Stochastic Slow, however, has given a negative divergence.

        On Thursday, the NSE Nifty may seek support around 8,835-8,810-8,785, while face resistance around 9,010-9,035-9,060.

        The Bank Nifty may seek support around 19,265-19,150-19,035, while on the other hand face resistance around 20,020-20,135-20,255.

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

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