A simple lowering of corporate tax rates when the markets and sentiments were at the lowest ebb triggered the biggest intraday rally of the decade.
Most market participants were caught off-guard and the simplest thing for them was to cover their shorts.
While the markets are saved (for the time being) from the earlier targets of 35636/10659 & 35400/10500, the levels of 38400/11382 are formidable resistances to surmount for now. Expect some volatile consolidation around the current levels before the market makes the next move. Do not jump into the bull-wagon right away. Monday's move will set the near term trend for the markets.
| Index Levels | ||
| Date | 23-Sep-19 | |
| Index | Sensex | Nifty |
| S2 | 37,493 | 11,120 |
| S1 | 37,535 | 11,132 |
| Previous Close | 38,014.62 | 11,274.20 |
| R1 | 38,287 | 11,355 |
| R2 | 38,378 | 11,382 |
| Fair Value | 29,523 | 8,756 |
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