Friday, October 16, 2020

The Sensex Outlook for the Day 16-10-2020

Yesterday's crash has pushed back the targets of 41960/12310 by a few days.
Conservative traders who had their SL's triggered at 40376/11850, then can look to re-enter into fresh longs above 40136/11800.

The levels of 39300/11555 are the final supports for the bulls, a sustained close below these levels could put the above targets in danger.

In the past also, we have seen swift-sharp-1-day corrections which gave way to even sharper rallies in the subsequent days. If the markets manage to close above 40136/11800 today, then yesterday's crash would be considered one such 1-day correction.

Date 16-Oct-20
Index Sensex Nifty
S2            38,738            11,389
S1            38,939            11,448
Previous Close       39,728.41       11,680.35
R1            39,956            11,747
R2            40,148            11,804
Fair Value            28,591              8,406


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