Monday, November 2, 2020

The Sensex Outlook for the Week Starting 01-11-2020

The 1st week of November promises to be an exciting one. We have an important global event that will be dominating the newsflow all through the week - the US Presidential Election.

However, for traders, the most sensible thing to do would be to cut out all the news and the noise and focus only on levels. In the near term, as long as the markets are trading above 39470/11600, the trend remains positive with a volatile bias (volatility is here to stay - both ways).

Keep a closing SL below 39422/11586 and add longs for targets of 40500/11900. If you are a conservative trader - wait till Tuesday to add fresh longs.

Even aggressive traders need to keep the above SL for the day.

Date 2 Nov 20
Index Sensex Nifty
S2            39,422            11,586
S1            39,514            11,613
Previous Close       39,614.07       11,642.40
R1            39,659            11,656
R2            39,762            11,686
Fair Value            30,131              8,855


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