Monday, August 17, 2020

The Sensex Outlook for the Week starting 17-08-2020


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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