Market Data

Monday, June 3, 2019

The Sensex Outlook for the Week Starting - 03-06-2019

Blind-bulls couldn't have had a better day than last Friday to fall flat on their faces! The Sensex opened with a huge gap-up, went as high as 40122 (2 points lower than the previous All-Time-High / 52 Week High) and then corrected all the way to sub 39400 levels, before finally closing at 39714.

With a Double-Top in place, the Election Euphoria over and not-so-good cues from across the world as well the domestic economy, the near-term trend is firmly downwards.

Yes, we could see brief  periods of upswings,  but nothing that will change the trend to positive.

We will see stock-specific opportunities, here and there, but the biggest opportunity would be in shorting the NIFTY and buying NIFTY puts for a near term target below 11000.

Date 03-Jun-19
Index Sensex Nifty
S2            39,432           11,838
S1            39,683           11,913
Previous Close     39,714.20    11,922.80
R1            39,737           11,930
R2            39,934           11,989
Fair Value 28,377 8,519

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