Market Data

Monday, December 20, 2021

The Sensex Outlook for the Week Starting 20-December-2021

The 14-day (the period from 30-Nov-2021 to 17-Dec-2021) low for the Sensex is 56687.62 made on 06-Dec-2021,

the similar low for the BANKNIFTY is 35526.35 made on 30-Nov-2021.

Compare these lows with the lows made on Friday 17-Dec-2021 - 56950.98 & 35535.05.

The point here is that pricewise, the markets have not gone virtually anywhere in the last 14 trading days – what we have seen is a very volatile time correction.

 

This time correction has followed the price-correction that we saw post the All-Time High levels in October 2021.

 

In the last 14 days or so, I have always maintained a 'buy the fall'/ 'hold' / 'stay away' advise depending on your risk appetite/holding capacity. I continue with a same view, subject to the recent lows of 56383/16783/35328 not breaking on a closing basis.

 

It is highly probable that we may see a double bottom formation around the recent lows from where we could rally afresh. It is too-early to talk about upside-targets / resistance levels - we first need to see a bottoming out near to the recent lows.

 

 

20 Dec 21

Index

Sensex

Nifty

S2

                  56,621

           16,868

S1

                  56,951

           16,966

Previous Close

             57,011.74

      16,985.20

R1

                  57,342

           17,083

R2

                  57,507

           17,132

Fair Value

                  45,503

           13,556

_

 

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