The markets clearly seem to be on board the "Break-Out" express. Notice how 30500-30600 turned from a support to a resistance zone and again a support zone & likeways 30700-30800 from a near-term stop to immediate support – all in the course of a week.
As we move into June, we could see 31500, before the markets finally pause for a correction. Remain long / build longs at the current levels and on dips upto 30900 for the targets of 31400 – 31500 in the days to come.
This positive outlook will change to neutral only with a close below 30800.
Date
|
29-May-17
| ||
Index
|
Sensex
|
Nifty
| |
S2
|
30,801
|
9,525
| |
S1
|
30,949
|
9,571
| |
Previous Close
|
31,028.21
|
9,595.10
| |
R1
|
31,074
|
9,609
| |
R2
|
31,322
|
9,686
| |
Fair Value
|
27,708
|
8,568
| |
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