Market Outlook
FRIDAY, NOVEMBER 02, 2018
Market Outlook (Closing) as on 02.11.2018
Market closed in positive territory at 35,011.65 (+ 579.68)
WEEKLY POSITIVE CLOSE WITH IMPULSIVE ADVANCE STRUCTURE FROM BOTTOM INDICATING END OF SHORT TERM CORRECTION: TRAIL TILL IT REVERSES:
RISK REWARD IS FAVOURABLE TO BUY STOCK SPECIFIC FROM MEDIUM TERM PERSPECTIVES:
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 closed weekly in positive territory & as exepcted we got sharp pull back rally from recent bottom near from medium term reversal levels. It made a low of 10004.55 levels on nifty & 33,291.58 levels on sensex inrecent correction. We have seen impulsive advance structure from these bottom finally indicating end of wave-IV short term correction. One can expect market to trend towards higher levels targets as mentioned below in short to medium term till it reverses.
We have seen sharp pull back rally from medium term support levels. It looks like high possibility of end of wave-IV correction across the board as per chart attached. We can expect higher levels targets in short to medium term. Risk reward is favourable to BUY stock specific at current levels.
BANK NIFTY also closed weekly in positive territory. It also looks like end of wave-IV short term correction on bank nifty as per chart attached. 24200 levels is strong support on bank nifty, till it holds one can expect higher levels taregts till 27000-27500 levels in short term.23600 levels is strong support on bank nifty from medium term perspectives till it holds one can expect higher levels targets in the range of 30000-32000 levels in medium term.
10000/10200 & 11000 levels is strong support & resistance levels respectively based on option open interest data for current month series. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses. We have seen broader market participation in recent rally from bottom , its a very good sign & also indication of finally end of short term correction.
Momentum indicators Daily KST & DAILY MACD both are in BUY 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 Went in to SELL & Its trading below both 20WESM & 40 WEMA . All Medium term Parameters are showing weakness. One should watchout price reversal to finally conclude medium term reversal.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 02.11.2018
Market closed in positive territory at 35,011.65 (+ 579.68)WEEKLY POSITIVE CLOSE WITH IMPULSIVE ADVANCE STRUCTURE FROM BOTTOM INDICATING END OF SHORT TERM CORRECTION: TRAIL TILL IT REVERSES:
RISK REWARD IS FAVOURABLE TO BUY STOCK SPECIFIC FROM MEDIUM TERM PERSPECTIVES:
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:
We have seen sharp pull back rally from medium term support levels. It looks like high possibility of end of wave-IV correction across the board as per chart attached. We can expect higher levels targets in short to medium term. Risk reward is favourable to BUY stock specific at current levels.
BANK NIFTY also closed weekly in positive territory. It also looks like end of wave-IV short term correction on bank nifty as per chart attached. 24200 levels is strong support on bank nifty, till it holds one can expect higher levels taregts till 27000-27500 levels in short term.23600 levels is strong support on bank nifty from medium term perspectives till it holds one can expect higher levels targets in the range of 30000-32000 levels in medium term.
10000/10200 & 11000 levels is strong support & resistance levels respectively based on option open interest data for current month series. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses. We have seen broader market participation in recent rally from bottom , its a very good sign & also indication of finally end of short term correction.
Momentum indicators Daily KST & DAILY MACD both are in BUY 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 Went in to SELL & Its trading below both 20WESM & 40 WEMA . All Medium term Parameters are showing weakness. One should watchout price reversal to finally conclude medium term reversal.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 36900-37800 |  | 33291 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 11100-11400 | | 9951 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |