Sunday, February 9, 2020

The Sensex Outlook for the Week Starting -10-02-2020

After correcting almost ~1900 points (~600 on the Nifty) during the budget week, the Sensex gained ~1400 points (~400 on the Nifty) in the week just gone by.

Going forward, the near term trend remains indecisive and the short term trend remains down. 

Global factors including the Corona Virus epidemic and the results of the recently conducted Delhi State Elections will keep the markets on the tenterhooks in the near term. We could see the markets consolidate between 40850 & 41200 (12000-12100) in the near term.

The short term trend clearly remains down with targets of ~39578 & ~11638 on the Sensex & the Nifty respectively.
  
Index Levels 
Date 10-Feb-20
Index Sensex Nifty
S2            40,963            12,046
S1            41,095            12,085
Previous Close       41,141.85       12,098.35
R1            41,181            12,110
R2            41,203            12,116
Fair Value            35,078            10,315
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