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      Daily Market Outlook for 25 Feb

      Rex Cano / Mumbai, Feb 25, 2015 08:28 AM IST

        Daily Market Outlook for 25 Feb

        The markets continue to remain on slippery ground, with momentum in favour of the bears.

        The BSE Sensex attempted a bounce back in intra-day trades on Tuesday, but the up move got capped around 29,130-odd levels. Going ahead, the BSE index needs to break and sustain above 29,130-odd level for a fresh pull-back to emerge.

        On the flip side, break and sustained trade below 28,960-odd level, can trigger a sharp fall towards 28,500-odd levels.

        As per the daily Fibonacci charts, the Sensex on Wednesday, is likely to seek support around 28,905-28,875-28,845, while on the upside may face resistance around 29,100-29,130-29,160.

        The NSE Nifty has ended below the 20-DMA (Daily Moving Average) for the second straight trading session yesterday. The NSE index needs to bounce back strongly in trade on Wednesday to arrest the current corrective move in the market.

        Select momentum oscillators have turned negative, in case, the Nifty does not bounce back soon, the bears will gain the upper-hand and the NSE index may then slide towards 8,550-odd levels.

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

        On Wednesday, the NSE Nifty may seek support around 8,735-8,725-8,715, while face resistance around 8,790-8,800-8,810.

        The Bank Nifty may seek support around 18,775-18,740-18,705, while on the other hand face resistance around 18,990-19,025-19,060.

        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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