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      Daily Market Outlook for 19 Feb

      Rex Cano / Mumbai, Feb 19, 2015 08:27 AM IST

        Daily Market Outlook for 19 Feb

        The BSE Sensex has given a minor buy signal on the weekly Fibonacci charts. The bias for the rest of the week is likely to remain mildly positive as long as the BSE index manages to sustain above 29,100-odd level.

        As per the monthly Fibonacci charts, the BSE index seems to have taken support around the monthly S-1 (support) at 28,000-mark, and then bounced back. The pull-back can lead the BSE index towards the monthly minor resistance area at 29,600-odd level.

        As per the daily Fibonacci charts, the Sensex on Thursday, is likely to seek support around 29,210-29,180-29,145, while on the upside may face resistance around 29,430-29,460-29,495.

        The NSE Nifty is forming a 'V' shaped recovery on the daily charts, hence the NSE index may attempt to revisit its recent record highs nearly 9,000-odd mark.

        However, the daily Bollinger Band indicates resistance around the higher-end at 8,980-odd level.

        The short-term trend is positive, with the 20-DMA (Daily Moving Average) above the 50-DMA (Daily Moving) Average. And also the Nifty firmly above the key moving averages.

        Momentum oscillators are also on the verge of turning bullish - the MACD (Moving Average Convergence-Divergence) is on the verge of a positive breakout. The ADX (Average Directional Index), the 14-day RSI (Relative Strength Index) and the Stochastic Slow are also in favour of the bulls. Hence, more upside seems likely.

        On Thursday, the NSE Nifty may seek support around 8,835-8,825-8,815, while face resistance around 8,900-8,910-8,925.

        The Bank Nifty may seek support around 19,215-19,185-19,160, while on the other hand face resistance around 19,380-19,405-19,430.

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

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