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 |
--
By reading this, you are agreeing to the Disclaimer and Exclusion of Liability at http://www.raghavs-picks.com/disclaimer.JPG
Sent from Mail for Windows 10
