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      Daily Market Outlook for 28 Feb

      Rex Cano / Mumbai, Feb 28, 2015 08:13 AM IST

        Daily Market Outlook for 28 Feb

        The Sensex has reversed its weekly losing bias, and now stands on neutral ground following the stupendous near 500-point rally on Friday.

        Going into the Budget day, the BSE index can now swing either way, with upside potential of 29,500-odd level, and on the downside a crack towards 28,500 cannot be ruled out either.

        As per the daily Fibonacci charts, the Sensex on Saturday, is likely to seek support around 29,060-29,010-28,960, while on the upside may face resistance around 29,380-29,430-29,480.

        The NSE Nifty has bounced back strongly above the 20-DMA (Daily Moving Average) but momentum oscillators are indicating a confused signal.

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the 14-day RSI (Relative Strength Index) are mildly negative. The Stochastic Slow has given a positive divergence, and so is the ADX (Average Directional Index) mildly positive.

        On Friday, the NSE Nifty may seek support around 8,790-8,775-8,760, while face resistance around 8,890-8,915-8,930.

        The Bank Nifty may seek support around 18,900-18,845-18,790, while on the other hand face resistance around 19,250-19,305-19,360.

        Disclaimer: The author has no financial interest in any of the financial instruments mentioned above. For more blogs visit http://chartreader79.blogspot.in/

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