Even though the stop-loss levels (30770/9041) given yesterday were broken – aggressive traders should continue with their longs for an initial target of 31925/9380.
Having broken key supports, the bulls will definitely struggle to get their zing back, but I will reiterate once again that the May expiry will be on a much higher level.
Traders, both conservative and aggressive, need to take a calibrated approach in their longs
so that they can withstand the daily volatility as well as associated MTM pressures while remaining long on the NIFTY.
Avoid stocks outside the F&O universe.
Date 19-May-20
Index Sensex Nifty
S2 29,742 8,739
S1 29,968 8,805
Previous Close 30,028.98 8,823.25
R1 30,385 8,928
R2 30,415 8,937
Fair Value 33,759 9,919
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