In the last 6+ years that I have written the Sensex outlook in its current format – I have consciously not gone into analyzing the news of the day in this column.
Be it elections, budgets, RBI / political announcements and even demonetization, I have tried to be only objective with numbers and index levels without getting into subjective analysis of the news headlines of the day. I would like to change that today, hopefully only once.
The global markets are nervous about an impending Russian invasion of Ukraine, but all the fear mongering and posturing is happening from everybody else except Russia & Ukraine. Like someone wants them to go to war or someone wants to take credit for stopping them from going to war. The market reaction to this event/soon non-event seems to be overdone and we will see stability returning to our markets soon. On the domestic front, finally LIC has filed its IPO papers with SEBI – this should act as a counter trigger to the not so benign global cues.
Any gap-down opening should be used to build aggressive longs on the BANKNIFTY as well the NIFTY.
Going forward, the BANKNIFTY should outperform/lead the NIFTY hence the overweight view on the same.
Keep a closing SL at 17148/37951 and hold on to your longs/add longs as above for the targets of 17529-17604/38962-39133.
14 Feb 22 | ||
Index | Sensex | Nifty |
S2 | 57,638 | 17,226 |
S1 | 57,914 | 17,303 |
Previous Close | 58,152.92 | 17,374.75 |
R1 | 58,171 | 17,378 |
R2 | 58,305 | 17,415 |
Fair Value | 48,895 | 14,609 |
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