Wednesday, September 4, 2019

The Sensex Outlook for the Day 04-09-2019


The market action has vindicated the bearish outlook given in the column over the last few weeks, however the pain is not over yet.It is a matter of time before the Sensex breaks the recent low of 36102.However the next targets for the markets are ~35900 (10600) and 35456 (10470). Any rise can be used to initiate aggressive shorts. Do not try to find value at these levels or do bottom-fishing.

Index Levels to Watch & Fair Value
Date 4-Sep-19
Index Sensex Nifty
S2            36,284           10,716
S1            36,466           10,769
Previous Close     36,562.91    10,797.90
R1            36,739           10,850
R2            36,761           10,856
Fair Value 29,796 8,799

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