Sensex Outlook for the week -
The market movement last week was totally inline with the outlook presented in this column last Sunday : "Friday's upmove has led the Sensex into a danger zone.
It will be difficult for the Sensex to sustain itself above 27800.If the Sensex manages to hold itself at the current levels, we could see further upmove to 28083,28192 & 28300.However, if it falls back and the fall is not arrested at 27670, then we could be back to consolidating in the sub-27500 zone."
Going forward, the Sensex continues to be in a danger zone and we could continue to face pressure in the near-term.
Only aggressive traders should play the 27300-27650 trading range.Any move outside this zone, will be the start of a new trading chapter altogether.
|Sensex Previous Close||27,458.38|
|Medium Term Fair Value (6-12 months)||29,643|