Market Data

Showing posts with label intraday rally. Show all posts
Showing posts with label intraday rally. Show all posts

Monday, September 23, 2019

The Sensex Outlook for the Week Starting 23-09-2019



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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