Sunday, September 27, 2020

The Sensex Outlook for the Week Starting 28-09-2020

Having met the near term targets on the downside, the markets have bounced back smartly from the recent lows.

Going forward into a truncated trading week after a long time (Friday is a holiday on account of Gandhi Jayanti), expect the recent lows of ~36500/10800 to hold on for now.
The markets could make a dash towards 38300/11300 in the near term - before again pausing for breath and looking for a fresh direction thereafter.

We exited most of Thursday's BANKNIFTY & NIFTY longs on Friday itself - but Monday is a good day to initiate fresh aggressive longs.

The markets have a near term target of ~38300/11300 - so add fresh longs keeping a trailing SL at 37000/10930.

We have been having stock specific BUY positions since long before the rout in the markets - we still continue to hold on to these.

Date 28-Sep-20
Index Sensex Nifty
S2            37,204            10,996
S1            37,336            11,035
Previous Close       37,388.66       11,050.25
R1            37,476            11,076
R2            38,172            11,282
Fair Value            28,568              8,443


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