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The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah.The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

Indices

Thursday, March 19, 2020

INDICES:

INDICES:
WAVE-II BEAR MARKET CORRECTION ON:.

EXPECTING LOWER LEVELS TARGETS TILL MEDIUM TERM REVERSES:

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Market broken crucial medium term support of 9950 levels on nifty & 33291 levels on sensex & trading below it while writing this view. Sensex closed 32778.14 levels & nifty closed 9590.15 levels on 12.03.2020.

It looks like wave-V of Bull market ended on high of 12430.50 levels on sensex & 42273.87 levels on sensex & we have seen sharp sell off from these levels. Market has consolidated on higher range around 2 years (I.e 2018-2020) and eventually broken this range on down side beyond anticipation.

It has completed wedge pattern in wave-V distribution in spite of being large sell off in midcaps & small caps in last 2 years. I though that midcap & small caps will join the bull market rally after these correction. But it happened completely reverses of it.

Magnitude of selling pressure was also intense in this correction beyond anticipation. We have not seen such magnitude of correction in history of Indian stock market & esp. In Bear market correction.

One can expect lower levels targets in the range of 6800-6300 levels on nifty & 22494-21200 levels on sensex from medium to long term perspectives till medium term reverses.

One should also look periodically market outlook for latest update & revised targets & trail stoploss/ Reversal levels.
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