Monday, April 24, 2017

The Sensex Outlook for the Week Starting 24-04-2017

Last week I had clearly mentioned that, "Going forward, while the downside looks limited, there is a lot of resistance on the upside. The markets will struggle to sustain above 29500 once again. The consolidation has given away to price correction and price correction will give away to time correction. Don't be in a hurry to rebuild longs immediately."
The consolidation in the 29300 – 29500 will continue and traders are better-off playing this band.
Date
24-Apr-17
S2
29,259

9,087
S1
29,281

9,093
Previous Close
                                    29,365.30

              9,119.40
R1
29,403

9,131
R2
29,475

9,154
Fair Value
26,773

8,314


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