The levels of 39015/11515 are very strong supports for the markets and only with a close below these levels, we could see a sustained downtrend.
On the other hand, the markets will need a huge push to close above 39580/11681.
Day traders in the Nifty are better off playing the 11515-11681 range for now; only with a close outside this range will we see a major move in the direction of the close.
If you're a conservative trader, stick to stock-specific opportunities - rather than take a directional call on the Indices.
Aggressive traders can hold on to their existing shorts, but add fresh shorts only with a close below these levels.
| Date | 31-Aug-20 | |
| Index | Sensex | Nifty |
| S2 | 39,349 | 11,613 |
| S1 | 39,427 | 11,636 |
| Previous Close | 39,467.31 | 11,647.60 |
| R1 | 39,580 | 11,681 |
| R2 | 39,716 | 11,721 |
| Fair Value | 28,474 | 8,403 |
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