Sunday, May 7, 2017

The Sensex Outlook for the Week Starting 08-05-2017

There is a strong support zone building up at 29710. Even though the Sensex may probably not go down all the way to 29710, this level is the proverbial beacon of hope in the stormy seas that the markets are in currently. Keep a trailing SL at 29710 and build aggressive longs at the current levels and on dips.
On the upside, 29950 will take some bit of efforts to scale. This is a traders' market and will test at your patience at every dip and rise – so build positions accordingly.
Date
08-May-17
S2
29,710
9,239
S1
29,824
9,274
Previous Close
29,858.80
 9,285.30
R1
29,893
9,296
R2
29,953
9,315
Fair Value
27,046
8,411


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