Wednesday, March 11, 2020

The Sensex Outlook for the Day 11-03-2020

The markets broke the SL levels given in the previous outlook and fell further to make fresh 52 Week lows. Most of the domestic issues plaguing the markets were more or less discounted by last Friday. The fresh crack on Monday can be solely attributed to global issues. I will still stick my neck out and advise fresh trading longs at the current levels.

Traders can go long with a trailing SL at 34719/10183 for targets of ~38085/11170. The targets could progressively go up further in the near to short term.

The long term trend continues to remain down - investors still have to wait, patiently before committing long term funds in this market.

Index Levels 
Date11-Mar-20
IndexSensexNifty
S2           34,719           10,183
S1           35,372           10,374
Previous Close      35,634.95      10,451.45
R1           35,898           10,529
R2           36,030           10,567
Fair Value           34,305           10,061
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