What started on Tuesday looking like mere profit-booking ended the week with a 3.5% cut on both the SENSEX & the NIFTY.
While the cut can be attributed largely to global factors, the fact remains that it caught most of us, including "Yours truly', off the guard. The short-term trend turned negative mid-week last week and stabilized only towards the fag-end of Friday. We have added aggressive longs on Friday as well as on Thursday and will continue to add. Even if you are a conservative investor with a slightly medium-term view, this fall is a great opportunity to build on the longs you added a month ago.
For now, the markets have supports at 58660/17500 and we could rally upto 60000/17900 before pausing for breath/directions.
Keep a closing SL at 58660/17500 and look forward to the Union Budget next week.
24 Jan 22 | ||
Index | Sensex | Nifty |
S2 | 58,975 | 17,597 |
S1 | 58,996 | 17,604 |
Previous Close | 59,037.18 | 17,617.15 |
R1 | 59,330 | 17,708 |
R2 | 59,371 | 17,721 |
Fair Value | 45,322 | 13,524 |
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