Sunday, March 1, 2020

The Sensex Outlook for the Week Starting 02-03-2020

After correcting almost ~2900/~900 points (~7%), the Sensex and the Nifty are trading below key support levels.
These levels will NOW act as resistances in any attempted rally from here on. 
Whether we are anywhere closer to the bottom or not is something only time will tell, but every rise will be met with strong selling/resistances.

This is only a traders market - do not look for value or bottom fishing now. It's better to take short term trading calls on individual stocks or stay away from the markets, instead of trying to guess the market bottom and going long on the Nifty.

In terms of levels, if the current supports are broken, we could fall all the way to ~37700/11000. 
On the other hand, a sustained close above ~39500/11550, could see the markets attempt to move closer to ~40000/11700.

Index Levels 
Date02-Mar-20
IndexSensexNifty
S2           37,974           11,108
S1           38,137           11,155
Previous Close      38,297.29      11,201.75
R1           38,535           11,271
R2           38,654           11,306
Fair Value           34,466           10,081
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