Sunday, April 19, 2020

The Sensex Outlook for the Week Starting 20-04-2020

The "bear market" rally which started from the recent lows of ~25600/~7500 is nearing its first major resistance zone.
While the markets are poised comfortably above major support zones, the region from 31700-32600 (9300-9600) is a major resistance/supply zone.

In the near term, the worst-case scenario could be that the markets consolidate around the current levels, before moving up and the best-case scenario would be that ~32600/9600 is taken out effortlessly in this week.
Continue to remain long/add to your longs. Conservative traders can keep a closing SL at 30960/9080.
Avoid trading in stocks outside the F&O universe and keep SL at the stock level as well as at the Sensex/Nifty level.

Date20-Apr-20
IndexSensexNifty
S2           31,362             9,200
S1           31,423             9,218
Previous Close      31,588.72        9,266.75
R1           31,686             9,295
R2           32,393             9,503
Fair Value           34,426           10,099
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