Sunday, January 22, 2017

The Sensex Outlook for the Week Starting 23-01-2017



The market action was inline with the outlook presented in this column last week – “the near term target now stands at 27555, the pace of the rally could slow down as there is a fresh new harvest of resistances right from 27280 to 27488; so it remains to be seen as to how the soon the Sensex manages to navigate the same.”

The Sensex managed to both of the weekly SL trigger levels given last week - 27019 (for conservative traders) & 26952 (for aggressive traders).  

Going forward into this week, the outlook is slightly negative and uncertain in the extreme near term. The fresh upward impetus will come only above 27200. Likewise, the downtrend could accentuate below 26910. Let the markets stabilize a bit around 27000 – 27100, before taking a fresh directional call.

Date
23-Jan-17
Index
Sensex

Nifty
S2
26,910

8,311
S1
27,010

8,342
Previous Close
                                    27,034.50

              8,349.35
R1
27,103

8,370
R2
27,149

8,385
Fair Value
26,217

8,097





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