Sunday, May 8, 2016

The Sensex Outlook for the week starting 09-05-2016

The underlying trend continues to remain negative. The Sensex needs to cross and sustain 25000 for atleast 3 trading days, before we can conclude that the trend has reversed. Given that the resistances are stronger than the supports, don’t see the trend reversing anytime soon. Continue to remain short on the markets or stay away.
Even if the Sensex manages to test the patience of the bears by holding off falling further, the underlying trend continues to be clearly negative at this point of time.

Date
09-May-16
S2
25,094
S1
25,182
Sensex Previous Close
                                    25,228.50
R1
25,260
R2
25,300
Sensex Fair Value
27,032


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