Monday, December 5, 2016

The Sensex Outlook for the Week Starting 05-12-2016

Last week, I had mentioned that the possibility of one last down-move towards 25854 (7972) still exists & the upside is littered with strong resistances all the way till 26822.The market action was mostly in-line with the outlook given – in terms of the upside resistances. Currently the Sensex has supports all the way till 26000/25900. Even if the Sensex manages to bounce back from the current levels, there continue to be strong resistances till 26800. The best-case scenario is consolidation in the 25900-26800 band and the worst-case scenario would be a fall to 25884. Better to take the markets one day at time. Keep a trailing stop loss at 26058 for existing longs

Date
5-Dec-16
S2
26,058
S1
26,183
Sensex Previous Close
                                    26,230.66
R1
26,292
R2
26,373
Sensex Fair Value
26,181


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