Sunday, September 6, 2020

The Sensex Outlook for the Week Starting 07-09-2020

The week gone by was a well-deserved vindication of our bearish outlook on the markets.

However, the pain is not done yet - its too early to say if the fall from the highs of ~40000 will pause at ~36000/10600 or not.
But one this is clear - its a matter of time before 38250 (11302) is broken and the markets move towards 37644 (11123).

This bearish outlook will be negated only with a close above 38730 (11444) and then a short term target of 39036 (11534) will be activated. 

Remain short on the NIFTY with a closing SL at 11444.

We continue to have stock-specific long views.

Date7-Sep-20
IndexSensexNifty
S2 38,062 11,247
S1 38,250 11,302
Previous Close 38,357.18 11,333.85
R1 38,446 11,360
R2 38,568 11,396
Fair Value 28,436 8,402 

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