Market Outlook
MONDAY, AUGUST 05, 2019
Market Outlook (Closing) as on 05.08.2019
Market closed in negative territory at 36,699.84 (- 418.38)
REVISED SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES:
SELL ON ANY KIND OF PULL BACK RALLY FOR FURTHER LOWER LEVELS TARGETS:
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 extended correction further & achieved my revised short term lower levels targets near recent lows as expected earlier. It made a low of 10782.60 levels on nifty & 36418.93 levels on sensex today. We can see market to extened furhter on lower side if it breaks these lows in short term but any kind of pull back rally is sellng opportunity for trading perspectives till it reverses.
As mentioned earlier, We have seen sharp correction after completion of wave-5 near recent high of 12103.05 levels on nifty & 40,312.07 levels on sensex. We are in corrective mode in short term, although overall wave count is still not conclusive at current levels of market but its divergence market is still not TOP OUT from medium to long term perspectives. Therefore, Any kind of such correction is stock specific buying opportunity from medium to long term persepctives.
BANK NIFTY also extending correction further & achieved my short term targets levels near recent lows as expected earleir. It made a low of 27510 levels so far in this correction. Break of this levels will lead to furhter sharp correction towards 26700 levels in short term. 29700 levels is strong resistance & reversal levels for short term. Any kind of pull back rally towards these higher levels is selling opportunity till it reverses. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 11000 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives 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 of market . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm trend towards further higher levels targets in medium term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but Investor should follow trend till medium term reverses.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 05.08.2019
Market closed in negative territory at 36,699.84 (- 418.38)REVISED SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES:
SELL ON ANY KIND OF PULL BACK RALLY FOR FURTHER LOWER LEVELS TARGETS:
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 mentioned earlier, We have seen sharp correction after completion of wave-5 near recent high of 12103.05 levels on nifty & 40,312.07 levels on sensex. We are in corrective mode in short term, although overall wave count is still not conclusive at current levels of market but its divergence market is still not TOP OUT from medium to long term perspectives. Therefore, Any kind of such correction is stock specific buying opportunity from medium to long term persepctives.
BANK NIFTY also extending correction further & achieved my short term targets levels near recent lows as expected earleir. It made a low of 27510 levels so far in this correction. Break of this levels will lead to furhter sharp correction towards 26700 levels in short term. 29700 levels is strong resistance & reversal levels for short term. Any kind of pull back rally towards these higher levels is selling opportunity till it reverses. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 11000 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives 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 of market . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm trend towards further higher levels targets in medium term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but Investor should follow trend till medium term reverses.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 35300 |  | 38334 |
| Medium Term : | Trend | Reversal |
| 42500-43000 |  | 32483 |
| Short Term : | Trend | Reversal |
| 10585 | | 11400 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |