Sunday, May 28, 2017

The Sensex Outlook for the Week Starting 29-05-2017


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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