Friday, August 21, 2020

The Sensex Outlook for the Day 21-08-2020

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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