Along with the budget, the near term top is now behind us.
From the current levels to 39982 levels (11950), the markets face a minefield of resistances.
On the downside, if yesterday's low of 39441 is broken, the fall could accelerate and extend all the way down to 39090,38871 (11790,11619).
It is prudent to remain short on the indices and look at specific stocks as trading longs.
| Index Levels to Watch & Fair Value | ||
| Date | 08-Jul-19 | |
| Index | Sensex | Nifty |
| S2 | 39,441 | 11,790 |
| S1 | 39,487 | 11,803 |
| Previous Close | 39,513.39 | 11,811.15 |
| R1 | 39,529 | 11,816 |
| R2 | 39,597 | 11,836 |
| Fair Value | 28,655 | 8,565 |
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