Sunday, February 28, 2016

The Sensex Outlook for the week starting 29-02-2016

I had already mentioned in this column on 18th February that the chance of one last fall remains (http://blog.raghavs-picks.com/2016/02/the-sensex-outlook-for-day-18-02-2016.html) and also on last Sunday that the chance of a fall to sub-23000 level remains (http://blog.raghavs-picks.com/2016/02/the-sensex-outlook-for-week-starting-22.html) so the fall of the last week should not come as a surprise (or shock) or be a cause of more worry.

As we finally come face to face with the budget, be prepared for a knee-jerk reaction, come what may. The Honorable Finance Minister, would have his own reasons for presenting radical proposals and measures or even not suggesting the same. The budget could be populist or pro-reform, the initial reaction would be on the over-blown side only.

It would be best to wait till Wednesday for the budget dust to settle and then take a near to medium term call on the markets.


If this were not the budget week, I would be looking forward to a retest of ~22600 levels on the Sensex, before the uptrend finally resumes & also reiterate that “and staggered investments over the next few weeks will reap abundant gains in the months to come.” (http://blog.raghavs-picks.com/2016/02/the-sensex-outlook-for-day-25-02-2016.html)

Date
29-Feb-16
S5
22,903
S4
22,953
S3
23,009
S2
23,022
S1
23,135
Sensex Previous Close
                                    23,154.30
R1
23,228
R2
23,237
R3
23,308
R4
23,359
R5
23,410
Sensex Fair Value
27,928



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