Sunday, May 3, 2020

The Sensex Outlook for the Week Starting - 04-05-2020

With the near-term targets for the markets achieved last week, expect a corrective move in the markets till 31000/9050.
Traders can do well to remain short on the NIFTY with a closing SL at 33900/9910. There will be pockets of strengths in individual stocks, so traders can be careful/choosy in shorting individual stocks.
Having said that, expect a resumption of the uptrend towards the end of the week which could take the markets towards 37000/10800 towards the end of the month.
Avoid trading in stocks outside the F&O universe and keep SL at the stock level as well as at the Sensex/Nifty level.
Date
04-May-20
Index
Sensex
Nifty
S2
           33,609
             9,828
S1
           33,653
             9,841
Previous Close
      33,717.62
        9,859.90
R1
           33,802
             9,885
R2
           34,555
           10,105
Fair Value
           33,684
             9,850
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