Wednesday, August 26, 2020

The Sensex Outlook for the Day 26-08-2020


There is no change in the near term market from yesterday.
The markets have been taking on all resistance levels and the SL levels for shorts have been progressively triggered.
However, the conviction to go long on the NIFTY is absent. If you're a conservative trader, stick to stock-specific opportunities - rather than take a directional call on the NIFTY or BANKNIFTY. 

The BANKNIFTY is also poised at an important level and can go either way from here - any direction, the move will be HUGE.

Aggressive traders can continue to remain short (you can hedge your shorts with ITM Calls) as per your holding capacity.

Date26-Aug-20
IndexSensexNifty
S2 38,693 11,428
S1 38,828 11,468
Previous Close 38,843.88 11,472.25
R1 38,899 11,489
R2 39,066 11,538
Fair Value 28,592 8,444 


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