Wednesday, April 22, 2020

The Sensex Outlook for the Day - 22-04-2020

Yesterday's market move was kind of picture-perfect. After opening with a Gap-Down, the markets traded in a tight range and closed with a Gap-Down, just near the mid-point of the day. For the day, the markets will continue to trade within the range of yesterday's High-Low and any move outside this range will propel the markets in that direction. The chances of breaking the range on the upside are substantially higher.

Continue to remain long on the NIFTY & add to your longs. 
Conservative traders can keep a closing SL at 30378/8906.
Avoid trading in stocks outside the F&O universe and keep SL at the stock level as well as at the Sensex/Nifty level.

Date22-Apr-20
IndexSensexNifty
S2           30,378             8,906
S1           30,426             8,920
Previous Close      30,636.71        8,981.45
R1           30,741             9,012
R2           30,900             9,059
Fair Value           34,729           10,181
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