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      Daily Market Outlook for 24 Feb

      Rex Cano / Mumbai, Feb 24, 2015 08:21 AM IST

        Daily Market Outlook for 24 Feb

        The BSE Sensex started the week on an extremely volatile note, with the key index breaking the weekly Fibonacci support levels.

        As per the Fibonacci charts, the bias for the rest of the week is likely to remain bearish as long as the BSE index remains below 29,065-odd level. In other words, the Sensex needs to bounce back and sustain above 29,065 for a fresh bounce back to emerge.

        As per the weekly Fibonacci charts, the bears are likely to have the upper hand the longer the BSE index remains below the 29,960-level. On the downside, the Sensex can test the monthly Fibonacci support around 28,500-odd levels.

        As per the daily Fibonacci charts, the Sensex on Tuesday, is likely to seek support around 28,805-28,750-28,695, while on the upside may face resistance around 29,145-29,200-29,255.

        The NSE Nifty has dipped below the 20-DMA (Daily Moving Average) after having ended above it in the preceding five trading sessions. Key momentum oscillators are also a bit mixed, indicating a volatile nature in the near term.

        As per the price-to-moving averages action, the NSE index may 8,550-8,600 odd levels in the near term, in case, selling persists. On the upside, a sudden surge towards the 9,000-mark cannot be ruled out.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) has turned negative again on the daily charts. The Stochastic Slow is also on the verge of turning negative. The ADX (Average Directional Index) and the 14-day RSI (Relative Strength Index) are however in favour of the bulls.

        On Tuesday, the NSE Nifty may seek support around 8,705-8,690-8,670, while face resistance around 8,805-8,820-8,840.

        The Bank Nifty may seek support around 19,805-18,770-18,740, while on the other hand face resistance around 19,020-19,055-19,090.

        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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