Market Outlook
SATURDAY, FEBRUARY 01, 2020
Market Outlook (Closing) as on 01.02.2020
Market closed in negative territory at 39,735.53 (- 987.96)
SHARP WAVE-II CORRECTION:
SHORT TERM CRUCIAL SUPPORT TO WATCHOUT FOR: TRAIL TILL IT REVERESES:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Market sharply fall with budget beyond anticipation. It witnessed sharp sell off across the board with budget event. It looks like wave-II correction with budget event. It made a low of 11633.30 levels on nifty & 39634.49 levels on sensex today. Market already witnessed 38.2% in this correction so far. It closed near very crucial support levels as per chart attached. One should watch out market behavior at these levels. Break of this levels will lead to further correction towards lower levels targets as mentioned below in short term.
It looks like wave-II correction form wave count perspectives as per chart attached across the board as per chart attached. We may see further some time or price wise correction in short term till it reverses. But One should look to BUY stock specific in these correction from medium to long term perspectives.
MIDCAP & SMLL CAP Indices ( Broader market ) also witnessed sharp correction today. It also looks like wave-II correction over their. It will continue to outperform in this year from medium to long term perspectives.
BANK NIFTY also witnessed sharp sell off with budget. It made low of 29770 levels so far in this correction. It closed near very crucial levels at the end of trading session.One should watch out its behavior at this crucial short term support levels. Break of this levels will lead to further sharp correction till target1-29000 levels & target2-28000 levels in short term. 30900 levels is crucial resistance/Reversal levels for short term. 27100 levels is crucial support levels from medium to long term perspectives, till it holds, One can expect higher levels target1-35300 & target2-40500 levels on medium term to long term.
11500 &12500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL supporting short term trend . One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 01.02.2020
Market closed in negative territory at 39,735.53 (- 987.96)SHARP WAVE-II CORRECTION:
SHORT TERM CRUCIAL SUPPORT TO WATCHOUT FOR: TRAIL TILL IT REVERESES:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
It looks like wave-II correction form wave count perspectives as per chart attached across the board as per chart attached. We may see further some time or price wise correction in short term till it reverses. But One should look to BUY stock specific in these correction from medium to long term perspectives.
MIDCAP & SMLL CAP Indices ( Broader market ) also witnessed sharp correction today. It also looks like wave-II correction over their. It will continue to outperform in this year from medium to long term perspectives.
BANK NIFTY also witnessed sharp sell off with budget. It made low of 29770 levels so far in this correction. It closed near very crucial levels at the end of trading session.One should watch out its behavior at this crucial short term support levels. Break of this levels will lead to further sharp correction till target1-29000 levels & target2-28000 levels in short term. 30900 levels is crucial resistance/Reversal levels for short term. 27100 levels is crucial support levels from medium to long term perspectives, till it holds, One can expect higher levels target1-35300 & target2-40500 levels on medium term to long term.
11500 &12500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL supporting short term trend . One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 39440-38130 |  | 40905 |
| Medium Term : | Trend | Reversal |
| 45000-47000 |  | 32483 |
| Short Term : | Trend | Reversal |
| 11760-11550-11350 | | 12088 |
| Medium Term : | Trend | Reversal |
| 13800-14000 | | 9951 |