Market Data

Sunday, July 31, 2022

The Sensex Outlook for 01-08-2022

The level of 17049 was a possible SHORT TERM TOP for the markets, however the NIFTY not only broke it but managed to close substantially higher.

 

Now as long as 17049 holds, we could see buoyancy/further up trend in the markets – till 17300/17400 at least. However, if 17049 is broken on a closing basis and fails to be regained, the markets could drag themselves lower. 

 

Any weakness below 17049 could find support at ~16670. The BANKNIFTY will possibly outperform the NIFTY.

 

Traders are better-off with a stock-specific long approach in these markets.

 

1 Aug 22

Index

Sensex

Nifty

BankNifty

S2

                  57,105

           17,020

                 37,221

S1

                  57,431

           17,117

                 37,489

Previous Close

             57,570.25

      17,158.25

            37,491.40

R1

                  57,619

           17,173

                 37,755

R2

                  58,106

           17,318

                 38,152

Fair Value

                  54,253

           16,170

 Not Calculated

 

 

 

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