Even though the markets closed marginally higher - they looked like losing momentum at the higher levels. The undertone, however, remains positive for now.
For the day, the levels of 30650 (9023) and 30977 (9119) are important levels to watch for. Any move outside this range will propel the markets further in that direction.
Even though we have a long weekend coming up, aggressive traders can carry over their long positions if the markets manage to stay above the support levels as above.
Avoid stocks outside the F&O universe.
| Date | 22-May-20 | |
| Index | Sensex | Nifty |
| S2 | 30,649 | 9,023 |
| S1 | 30,895 | 9,095 |
| Previous Close | 30,932.90 | 9,106.25 |
| R1 | 30,962 | 9,115 |
| R2 | 31,015 | 9,131 |
| Fair Value | 33,252 | 9,789 |
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