Tuesday, March 24, 2020

The Sensex Outlook for the Day 24-03-2020


If the markets manage to recover and sustain the recovery as indicated by the SGX Nifty, then I would stick my neck out and say that yesterday's lows are a near term bottom for the markets and we could see a sustained rally from these levels - Corona or No Corona. However, if the cues from SGX Nifty fizzle out, we are in a trading range that will trend lower and lower in the days to come.

For traders, the smartest thing to do is to focus on individual trades rather than the Nifty.

The long term trend continues to remain down - investors still have to wait, patiently before committing long term funds in this market.
Index Levels 
Date24-Mar-20
IndexSensexNifty
S2           25,214             7,386
S1           25,881             7,581
Previous Close      25,981.24        7,610.25
R1           26,588             7,788
R2           26,843             7,863
Fair Value           34,631           10,144
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