Market Data

Sunday, August 7, 2022

The Sensex Outlook for 08-08-2022

The Earnings Season is largely over, Geopolitical conflicts and Rate Hikes by Central Banks all over seems to be priced in – How does it get any better than this??

 

When the going gets good (very good in the case of our markets right now), the Bulls and the Baby Bulls (nee the Retail Investors) get complacent – Old Market Saying.

 

For us, it’s time to be cautious on the Index front.

 

In a truncated trading week followed by a long weekend – expect the markets to consolidate in the range of 17228-17605/37500-38500.

 

Our trading positions are now a mix of Hedged NIFTY Shorts and Stock Specific Longs.

 

The BANKNIFTY looks ready to take a long break from its recent outperformance and hence our nil trading position there.

 

8 Aug 22

Index

Sensex

Nifty

BankNifty

S2

                  58,245

           17,355

                 37,862

S1

                  58,265

           17,361

                 37,871

Previous Close

             58,387.93

      17,397.50

            37,920.60

R1

                  58,427

           17,409

                 37,950

R2

                  58,593

           17,458

                 38,150

Fair Value

                  55,074

           16,410

 Not Calculated

 

 

 

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