After hitting a high of 28290 in the 1st half of August, the Sensex has been consolidating in the 27900-28200 band. While the consolidation has not been one with a positive undertone - one cannot call it negative as well, since the Sensex has constantly stayed above its lows.
Going forward into the expiry week, the Sensex is looking just ripe to break out of the above trading band. One can again start to look at Indices from the Stock-Specific approach of the last few days.
Conservative traders initiate longs at the current levels with a stop-loss below 27900, for an explosive breakout above 28200. Aggressive traders can keep the stop-loss at 27700.
Date
|
22-Aug-16
|
S2
|
28,021
|
S1
|
28,026
|
Sensex Previous Close
|
28,077.00
|
R1
|
28,200
|
R2
|
28,258
|
Sensex Fair Value
|
27,921
|
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