No matter what the cues from SGX Nifty suggest, the technical setup of the markets is badly damaged. A fall below 38044/11260 will push the markets towards 37700/11160.
The bulls will get some relief if the markets can close above and sustain 38353/11353.
Conservative traders can exit their positions (long as well short) within the 38044-38353 (11260-11353) band and look to initiate fresh trades from Monday.
In stocks, we continue to have aggressive longs as well as shorts.
| Date | 21-Aug-20 | |
| Index | Sensex | Nifty |
| S2 | 38,044 | 11,260 |
| S1 | 38,156 | 11,293 |
| Previous Close | 38,220.39 | 11,312.20 |
| R1 | 38,258 | 11,323 |
| R2 | 38,279 | 11,330 |
| Fair Value | 29,156 | 8,629 |
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