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      Daily Market Outlook for 30 Jan

      Rex Cano / Mumbai, Jan 30, 2015 08:21 AM IST

        Daily Market Outlook for 30 Jan

        The bias for the BSE Sensex remains positive as per the weekly Fibonacci charts, the Sensex may look to trade with a positive bias as long as the index manages to sustain above 29,545-odd level on Friday.

        As per the weekly Fibonacci charts, the Sensex is likely to test 29,880-odd levels on the upside.

        As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 29,545-29,500-29,455, while on the upside may face resistance around 29,820-29,860-29,905.

        The NSE Nifty has been trading in overbought zones for the last few trading sessions, hence profit-taking at higher levels cannot be ruled out. The NSE index has been up for the ten straight trading sessions now.

        As per the daily Bollinger Bands, the NSE index may face some resistance around 8,985-odd level, above which the next target would be 9,050-odd level.

        On the flip side, break of 8,795-odd level can trigger a correction in the market,

        Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the 14-day RSI (Relative Strength Index) are in highly overbought zone. The ADX (Average Directional Index) is positive, while the Stochastic Slow is in neutral mode.

        On Friday, the NSE Nifty may seek support around 8,910-8,900-8,885, while face resistance around 8,990-9,005-9,015.

        The Bank Nifty may seek support around 20,435-20,410-20,380, while on the other hand face resistance around 20,620-20,650-20,675.

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

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