Market Outlook
FRIDAY, APRIL 06, 2018
Market Outlook (Closing) as on 06.04.2018
Market closed in positive territory at 33,626.97 (+ 30.17)
FINALLY CONCLUDING END OF SHORT TERM WAVE-IV CORRECTION: TRAIL TILL IT REVERSES
BEGINING OF WAVE-V UPWARD RALLY TOWARDS HIGHER LEVELS TARGETS IN MEDIUM TERM:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
Market closed 2nd cocecutive week in positive territory. It able to hold crucial support near 10100 levels on nifty. It made a high & low of 10350.50 levels & 10111.30 levels respectively on nifty during week. As anticiated, we have seen rally till 10300-10350 Range so far on nifty this week. By looking at broader strcuture, It am concluding as “ END OF SHORT TERM WAVE-IV CORRECTION/ SHORT TERM BOTTOM & BEGINING OF WAVE-V UPWARD RALLY TOWARDS HIGHER LEVELS TARGETS IN MEDIUM TERM ”. One should expect makret to trend towards higher levels targets as mentioned below in short term till it reverses.
It looks like market has completed short term correction near recent low of 9951.90 levels on nifty & 32,483.84 levels on sensex. It has almost retraced almost 38.2% near recent lows in these short term correction as per chart attached. It looks like begining of wave-I of 5 as per chart attached as per preffered wave counts with ruling out possiblity to break recent lows as mentioned above till short term reverses.
On the other hand, break of short term reversal levels will only open up possibility of Alternate-II wave count possbilty as per chart attached which is not my preffered one at current levels of market for short term.
TIME WISE also market has completed wave-IV correction till march End as mentioned earlier. Many stocks particuallry of broader makret is also showing strength & strong signal of end of short term correction. Other indices such as midcap, small cap & Bank nifty is also showing strength & also giving strong sign of end of short term correction. Global Market particuallry , US Makret also showing sign of end of shrot term correction. Therefore, many of the evidences giving sign of short term bottom. Trader should strictly follow trend till it reverses.
BANK NIFTY also closed 2nd concecutive weekly in positive territory.It looks like end of short term correction near recent low of 23631.20 levels. It has almost retraced almost 38.2% near recent lows in these short term correction as per chart attached. It has perfactly able to hold lowe end of REVERSE PARALLEL CHANNEL as per chart attached, giving strong indication of short term bottom. It looks like begining of wave-I of 5 as per chart attached as per preffered wave counts with ruling out possiblity to break recent lows as mentioned above till short term reverses. 24,115.80 levels is strong support/Reversal levels for short term & One can expect higher levels targets around 25800 levels in short term and 29600-30000 levels in medium term.
On the other hand, break of short term reversal levels will only open up possibility of Alternate-II wave count possbilty as per chart attached which is not my preffered one at current levels of market for short term.
10000 & 10700 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series. Market will remain very volatile ahead of Result season this month.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
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. Close below short term reversal levels will lead to sharp correction till 9950-9800 levels on nifty & 32400-31800 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 06.04.2018
Market closed in positive territory at 33,626.97 (+ 30.17)FINALLY CONCLUDING END OF SHORT TERM WAVE-IV CORRECTION: TRAIL TILL IT REVERSES
BEGINING OF WAVE-V UPWARD RALLY TOWARDS HIGHER LEVELS TARGETS IN MEDIUM TERM:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
It looks like market has completed short term correction near recent low of 9951.90 levels on nifty & 32,483.84 levels on sensex. It has almost retraced almost 38.2% near recent lows in these short term correction as per chart attached. It looks like begining of wave-I of 5 as per chart attached as per preffered wave counts with ruling out possiblity to break recent lows as mentioned above till short term reverses.
On the other hand, break of short term reversal levels will only open up possibility of Alternate-II wave count possbilty as per chart attached which is not my preffered one at current levels of market for short term.
TIME WISE also market has completed wave-IV correction till march End as mentioned earlier. Many stocks particuallry of broader makret is also showing strength & strong signal of end of short term correction. Other indices such as midcap, small cap & Bank nifty is also showing strength & also giving strong sign of end of short term correction. Global Market particuallry , US Makret also showing sign of end of shrot term correction. Therefore, many of the evidences giving sign of short term bottom. Trader should strictly follow trend till it reverses.
BANK NIFTY also closed 2nd concecutive weekly in positive territory.It looks like end of short term correction near recent low of 23631.20 levels. It has almost retraced almost 38.2% near recent lows in these short term correction as per chart attached. It has perfactly able to hold lowe end of REVERSE PARALLEL CHANNEL as per chart attached, giving strong indication of short term bottom. It looks like begining of wave-I of 5 as per chart attached as per preffered wave counts with ruling out possiblity to break recent lows as mentioned above till short term reverses. 24,115.80 levels is strong support/Reversal levels for short term & One can expect higher levels targets around 25800 levels in short term and 29600-30000 levels in medium term.
On the other hand, break of short term reversal levels will only open up possibility of Alternate-II wave count possbilty as per chart attached which is not my preffered one at current levels of market for short term.
10000 & 10700 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series. Market will remain very volatile ahead of Result season this month.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
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. Close below short term reversal levels will lead to sharp correction till 9950-9800 levels on nifty & 32400-31800 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 34100-34500 |  | 32972 |
| Medium Term : | Trend | Reversal |
| 38200-38500 | | 29077 |
| Short Term : | Trend | Reversal |
| 10500-10650 | | 10111 |
| Medium Term : | Trend | Reversal |
| 12000-12200 | | 8968 |