Monday, August 10, 2020

The Sensex Outlook for the Week Starting 10-08-2020

It was apparent on Friday itself that the markets couldn't sustain themselves at the higher levels. For the day, the level of 38157 (11248) is the first resistance and a failure to convincingly close above this level will only push the markets lower in the days to come.
Downside supports exist at 37979 (11196) and 37854 (11159).

Hold on to your Index shorts/ add fresh shorts at the current levels as per your risk appetite and MTM capacity. Conservative traders keep a Closing SL at 38221 (11267) for all short positions. The near term targets on the downside are 37807 (11145) and 37498 (11054).

In stocks, we continue to have aggressive longs as well as shorts.

Date 10-Aug-20
Index Sensex Nifty
S2            37,910            11,175
S1            37,979            11,196
Previous Close       38,040.57       11,214.05
R1            38,110            11,234
R2            38,157            11,248
Fair Value            30,141              8,885


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