The markets had a decent run last week but couldn't sustain the weekly highs and closed barely above the 58600/17500 mark. This level of 17500/58600 remains the Line of Control between the Bulls and the Bears.
Going forward, we could possibly see some prolonged consolidation around the current levels before the markets make the next move, which should be Upwards only.
With the budget behind us and a lull in the domestic news flow for now, we are again at the mercy of the Global cues and FII action – in such a situation, a Stock-Specific approach along with hedged longs on the NIFTY/BANKNIFTY should be the way going forward.
7 Feb 22 | ||
Index | Sensex | Nifty |
S2 | 58,413 | 17,447 |
S1 | 58,447 | 17,463 |
Previous Close | 58,644.82 | 17,516.30 |
R1 | 58,678 | 17,532 |
R2 | 58,695 | 17,540 |
Fair Value | 46,453 | 13,875 |
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