Market Outlook
FRIDAY, December 06, 2019
Market Outlook (Closing) as on 06.12.2019
Market closed in negative territory at 40445.15 (- 334.44)
WEEKLY NEGATIVE CLOSE: PROFIT BOOKING FROM HIGHER LEVELS:
LOOKS LIKE WAVE-IV CORRECTION OR CONSOLIDATION:
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 witnessed profit booking from higher levels after achieving my short term targets levels. It closed weekly in negative territory. It looks like wave-IV correction or consolidation across the board in short term. Any kind of short term correction or consolidation is stock specific buying opportunity till it reverses.
It looks like possibility of wave-iii of I of 5 looks completed near recent high & we are seeing some kind of stock specific profit booking from these levels. It can possibility wave-iv correction & then wave-V of I of 5 will further extend towards higher levels targets in short term.
BANK NIFTY also closed weekly in negative territory. It also witnessed profit booking after achieving my short term targets levels as expected last week. It also looks like wave-iv correction or consolidation on bank nifty. 30600 is strong support & reversal levels for short term for any kind of correction.One can expect higher levels target1-31700 & target2-32000 levels in short term. 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.
11500/11800 &12100 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives this week. 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 volatility to continue in short term . Close below short term reversal levels will lead to sharp correction till 11100-10800 & 37450-36450 levels in short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 06.12.2019
Market closed in negative territory at 40445.15 (- 334.44)WEEKLY NEGATIVE CLOSE: PROFIT BOOKING FROM HIGHER LEVELS:
LOOKS LIKE WAVE-IV CORRECTION OR CONSOLIDATION:
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:
It looks like possibility of wave-iii of I of 5 looks completed near recent high & we are seeing some kind of stock specific profit booking from these levels. It can possibility wave-iv correction & then wave-V of I of 5 will further extend towards higher levels targets in short term.
BANK NIFTY also closed weekly in negative territory. It also witnessed profit booking after achieving my short term targets levels as expected last week. It also looks like wave-iv correction or consolidation on bank nifty. 30600 is strong support & reversal levels for short term for any kind of correction.One can expect higher levels target1-31700 & target2-32000 levels in short term. 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.
11500/11800 &12100 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives this week. 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 volatility to continue in short term . Close below short term reversal levels will lead to sharp correction till 11100-10800 & 37450-36450 levels in short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 41000-41500 |  | 39180 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 12100-12300 | | 11600 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |