Market Data

Thursday, May 5, 2022

The Sensex Outlook for 05-05-2022

The damage to the BANKNIFTY chart/technical setup has been much more severe than to the NIFTY. Especially since the BANKNIFTY was making baby attempts to decisively cross 36500.

 

However, the markets in the past have bounced back smartly from ~2% cuts the very next day and today shouldn’t be any different.

 

The aggressive longs added towards the end of yesterday’s session – should pay-off smartly but the markets will be in neutral zone only with a close above 56700/16950/35800.

 

5 May 22

Index

Sensex

Nifty

S2

                  54,937

           16,458

S1

                  55,502

           16,627

Previous Close

             55,669.03

      16,677.60

R1

                  56,118

           16,812

R2

                  56,272

           16,858

 

 

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