The market action last week was completely opposite the bearish expectations outlined in this column last week.
However my outlook has only turned to EXTREMELY CAUTIOUS from VERY BEARISH.
The ability or rather inability of the Sensex to cross the Highs of the previous days - specifically the region from 35738 to 35799 - will set the tone for the markets in the days to come.
We continue to live in the constant fear of negative global cues taking the markets down to unpalatable levels - hence we are holding Out-of-Money Nifty Puts, which we continue to add to, on all days when the markets rise.
| Date | 09-Jul-18 | |
| Index | Sensex | Nifty |
| S2 | 35,504 | 10,726 |
| S1 | 35,626 | 10,763 |
| Previous Close | 35,657.86 | 10,772.65 |
| R1 | 35,738 | 10,797 |
| R2 | 35,769 | 10,806 |
| Fair Value | 32,340 | 9,770 |
--
By reading this Post, you are agreeing to
the Disclaimer and Exclusion of Liability at http://www.raghavs-picks.co
