Sunday, May 21, 2017

The Sensex Outlook for the Week Starting 22-05-2017


The Sensex reached the targets of ~30500 & ~30700 given in this column last week, albeit with a lot of gut-wrenching volatility.
The week-on-week 276/27 points gain on the Sensex & the Nifty does not reflect the current underlying weakness in the markets. There is tremendous resistance in the 30500-30600 zone and the Sensex will probably consolidate at the current levels with a negative bias before attempting a shot towards 31000.
Build fresh longs only around 30500 and keep a SL at 30131. Only with a close below 30131, will we see a deeper / longer correction.
Date
22-May-17
Index
Sensex
Nifty
S2
30,339
9,389
S1
30,417
9,413
Previous Close
30,464.92
 9,427.90
R1
30,519
9,445
R2
30,535
9,450
Fair Value
28,341
8,771


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