Sunday, August 30, 2020

The Sensex Outlook for the Week Starting 31-08-2020

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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