Market Outlook
FRIDAY, April 1, 2022
Market Outlook (Closing) as on 01.04.2022
Market closed in Positive territory at 59276.69 (+708.18)
NEAR UPPER END OF RANGE: TRAIL TILL IT REVERSES
SHORT TERM REVERSAL LEVELS TO WATCHOUT FOR:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
REVISING MEDIUM TERM REVERSAL: TRAIL TILL IT REVERSES
Market further extended above 17500 levels & closed weekly in positive territory. It still looks like pull back rally to me till it reverses. It’s not giving me enough confidence to conclude End of Medium term correction. I have revised both shot term & medium term reversal levels. It has extended beyond my expectation. One should watch out further revised short term & medium term reversal levels to finally conclude Overall TREND REVERSAL. Trader should be stock specific & follow trend till it reverses.
Although short term wave counts are not conclusive but overall wave count still looks as wave-II correction. We have seen such kind of counter trend pull back rally earlier as well like 2011 corrective structure. Investor should buy in tranches good quality stocks from medium to long term perspectives.
Bank nifty has also given weekly positive close. It has also seen some kind of pull back rally from lower levels. . It’s still looks like in corrective mode. 39425 is short term & Medium term reversal levels to watch out for, till it trades below it one can expect lower levels targets of 30400/29200 levels in short to medium term.
17000/17500 & 18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. We have completed first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Momentum indicators Daily KST & Daily MACD both are in BUY. The current upward rally of last 2 years was global driven so now correction will be also being global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY came in to BUY but Weekly MACD is still in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term Reversal
Conclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 01.04.2022
Market closed in Positive territory at 59276.69 (+708.18)NEAR UPPER END OF RANGE: TRAIL TILL IT REVERSES
SHORT TERM REVERSAL LEVELS TO WATCHOUT FOR:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
REVISING MEDIUM TERM REVERSAL: TRAIL TILL IT REVERSES
Although short term wave counts are not conclusive but overall wave count still looks as wave-II correction. We have seen such kind of counter trend pull back rally earlier as well like 2011 corrective structure. Investor should buy in tranches good quality stocks from medium to long term perspectives.
Bank nifty has also given weekly positive close. It has also seen some kind of pull back rally from lower levels. . It’s still looks like in corrective mode. 39425 is short term & Medium term reversal levels to watch out for, till it trades below it one can expect lower levels targets of 30400/29200 levels in short to medium term.
17000/17500 & 18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. We have completed first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Momentum indicators Daily KST & Daily MACD both are in BUY. The current upward rally of last 2 years was global driven so now correction will be also being global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY came in to BUY but Weekly MACD is still in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term ReversalConclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 51800-50400 |  | 59620 |
| Medium Term : | Trend | Reversal |
| 48500/47200-46100 | | 61476 |
| Short Term : | Trend | Reversal |
| 15600/15450-15050 | | 17800 |
| Medium Term : | Trend | Reversal |
| 14400-14200/13800 | | 18350 |