Market Outlook
TUESDAY, MARCH 04, 2020
Market Outlook (Closing) as on 03.03.2020
Market closed in positive territory at 38623.70 (+ 479.68)
NEAR LOWER END OF SUPPORT LEVELS:
PULL BACK RALLY CAN POSSIBLE IN SHORT TERM: TRAIL TILL IT REVERSES:
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 fall sharply beyond my anticipation & witnessed sharp correction in just span of one week. It made a low of 11036 levels on nifty & 38142.89 levels on sensex so far in this correction. It came near lower end of support levels as per chart attached & witnessed positive close at the end of trading session today. One can see pull back rally in market as its in oversold but one should follow trend till it reverses. Trader should use any kind of pull back rally to exit till it reverses.
As market is near lower end of support levels. Overall wave count is still not conclusive at current levels. One should still expect medium to long term bullish out look till medium term reverses.
NIFTY BANK also witnessed sharp correction. It has made a 28752.60 levels so far in this correction. As its in oversold, One can expect pull back rally in short term. But one should follow trend till it reverses. 30900 is short term reversal levels to watch out for & one can expect lower levels targets till 26500-26700 levels in short term. 26500 levels is crucial support levels from medium to long term perspectives, till it holds, One can expect higher levels target1-36300 & target2-40500 levels on medium term to long term.
11000 &11500 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 indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will confirm rally towards 12000/12400 levels & 41400/42200 levels in sensex in short term.
Momentum Perspective:
Weekly KST Went in to SELL but WEEKLY MACD are in BUY. Market is closed above 20WESM & 40 WEMA. Majority of 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 03.03.2020
Market closed in positive territory at 38623.70 (+ 479.68)NEAR LOWER END OF SUPPORT LEVELS:
PULL BACK RALLY CAN POSSIBLE IN SHORT TERM: TRAIL TILL IT REVERSES:
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:
As market is near lower end of support levels. Overall wave count is still not conclusive at current levels. One should still expect medium to long term bullish out look till medium term reverses.
NIFTY BANK also witnessed sharp correction. It has made a 28752.60 levels so far in this correction. As its in oversold, One can expect pull back rally in short term. But one should follow trend till it reverses. 30900 is short term reversal levels to watch out for & one can expect lower levels targets till 26500-26700 levels in short term. 26500 levels is crucial support levels from medium to long term perspectives, till it holds, One can expect higher levels target1-36300 & target2-40500 levels on medium term to long term.
11000 &11500 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 indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will confirm rally towards 12000/12400 levels & 41400/42200 levels in sensex in short term.
Momentum Perspective:
Weekly KST Went in to SELL but WEEKLY MACD are in BUY. Market is closed above 20WESM & 40 WEMA. Majority of 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 |
| 35987 |  | 39563 |
| Medium Term : | Trend | Reversal |
| 46000-47000 |  | 35987 |
| Short Term : | Trend | Reversal |
| 10980-10650 | | 11615 |
| Medium Term : | Trend | Reversal |
| 13800-14000 | | 10637 |