The markets bounced off 35511 on Friday and closed the week with a net loss of ~737 (219 on the Nifty) points.
The low of Friday will serve as a support in the immediate future, however the upsides remain capped as there are a string of resistances from 35906 to 36054 which will unleash fresh and relentless selling every-time the markets come close.
The Geo-political tensions in the aftermath of the unfortunate Terror attacks have brought in a heightened uncertainty to the markets which were in a downtrend in anycase.
The trading range of ~35500-36100 will break on the lower side in the days to come. However, we will continue to see intermittent rally's and bounce-back's which can be safely sold into.
We continue to hold NIFTY PUTS and wait to look at stock specific opportunities.
Date | 18-Feb-19 | |
Index | Sensex | Nifty |
S2 | 35,758 | 10,709 |
S1 | 35,781 | 10,716 |
Previous Close | 35,808.95 | 10,724.45 |
R1 | 35,831 | 10,731 |
R2 | 35,906 | 10,754 |
Fair Value | 32,461 | 9,722 |
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