Sunday, November 6, 2016

The Sensex Outlook for the Week Starting 07-11-2016


We are once again facing a BREXIT like situation in the form of the US Presidential elections. The volatility in the run-up to the results of the Elections could see the Sensex possibly touching ~27000 (8345) odd levels. However, once the elections are behind us later in the week – some sense and stability could return to the markets. Aggressive traders having a view on even the November expiry could well accumulate the NIFTY futures/calls options/ buy stocks on dips upto 27000 (8345) levels. A close below 27000 (8345) would only slow the pace of the resumption of the rally. There is no reason to believe, that the markets will not rally after the elections are out, irrespective of who wins.

Bulls only need to manage their long positions and the capacity to hold on to their longs, as the markets gyrate between a price correction and a time correction.

Date
7-Nov-16
S2
27,026
S1
27,103
Sensex Previous Close
                                    27,274.15
R1
27,322
R2
27,365
Sensex Fair Value
27,024




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