The market action on last Friday and as well as the week gone by was on expected lines.
The levels of 38500/11360 are now a huge/formidable resistance for the markets.
I don't see any significant upside from the current levels - instead the downside will accelerate further till 37464/11050 in the days to come.
The target for this dip should be 36300/10700.
Keep a closing SL at 38541/11375 and remain short.
In stocks, we continue to have aggressive longs as well as shorts.
| Date | 17-Aug-20 | |
| Index | Sensex | Nifty |
| S2 | 37,464 | 11,057 |
| S1 | 37,655 | 11,113 |
| Previous Close | 37,877.34 | 11,178.40 |
| R1 | 37,942 | 11,197 |
| R2 | 37,999 | 11,214 |
| Fair Value | 29,915 | 8,829 |
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