Market Outlook
TUESDAY, APRIL 07, 2020
Market Outlook (Closing) as on 07.04.2020
Market closed in positive territory at 30,067.21 (+ 2476.26)
WAVE-X PULL BACK RALLY: TRAIL TILL IT REVERSES
CRUCIAL SUPPORT HOLDS AFTER ACHIEVING SHORT TERM TARGETS LEVELS:
CONSOLIDATE IN RANGE FOR SHORT TERM:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market managed to hold crucial support levels after achieving short term targets levels near recent lows. It made a higher low & sharply reversed from lower levels today. It has already achieved my short term targets near recent lows. It made a low of 7511.10 levels on nifty & 25,638.90 levels on sensex so far in this correction. It looks like possibility of wave-X kind of pull back rally for higher levels targets as mentioned below till short term reverses. In other possibility, it may consolidate in broad range of 8000-9000 levels on nifty in short term. Trader should strictly follow trend with proper risk management.
It looks like wave-X pullback rally on recent fall started from all time high of 12430.50 levels on nifty. One can expect it to retrace in the range of 38.2%-50% till short term reverses.
NIFTY BANK also managed to hold crucial support levels after achieving short term targets levels near recent lows. It made a higher low & sharply reversed from lower levels today. It has already achieved my short term targets near recent lows. It made a low of 16116.25 levels on bank nifty in this correction. It looks like possibility of wave-X kind of pull back rally for higher levels targets as mentioned below till short term reverses. One can expect 22500 levels targets in this pullback rally till it trades above 17140 levels in short term. It may consolidate in broad range of 8000-9000 levels on nifty in short term. . In other possibility, it may consolidate in broad range of 21000-17000 levels on bank nifty in short term. 26650 levels is crucial resistance & medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400-13200 levels in medium term.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close & sustain below short term reversal levels will lead to sharp fall towards further lower levels targets 7500-7400 levels on nifty & 25500-25000 levels in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.
Conclusion:
Short Term Trend is UP & Medium term Trend is DOWN.
Trend
Market Outlook (Closing) as on 07.04.2020
Market closed in positive territory at 30,067.21 (+ 2476.26)WAVE-X PULL BACK RALLY: TRAIL TILL IT REVERSES
CRUCIAL SUPPORT HOLDS AFTER ACHIEVING SHORT TERM TARGETS LEVELS:
CONSOLIDATE IN RANGE FOR SHORT TERM:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
It looks like wave-X pullback rally on recent fall started from all time high of 12430.50 levels on nifty. One can expect it to retrace in the range of 38.2%-50% till short term reverses.
NIFTY BANK also managed to hold crucial support levels after achieving short term targets levels near recent lows. It made a higher low & sharply reversed from lower levels today. It has already achieved my short term targets near recent lows. It made a low of 16116.25 levels on bank nifty in this correction. It looks like possibility of wave-X kind of pull back rally for higher levels targets as mentioned below till short term reverses. One can expect 22500 levels targets in this pullback rally till it trades above 17140 levels in short term. It may consolidate in broad range of 8000-9000 levels on nifty in short term. . In other possibility, it may consolidate in broad range of 21000-17000 levels on bank nifty in short term. 26650 levels is crucial resistance & medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400-13200 levels in medium term.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close & sustain below short term reversal levels will lead to sharp fall towards further lower levels targets 7500-7400 levels on nifty & 25500-25000 levels in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.Conclusion:
Short Term Trend is UP & Medium term Trend is DOWN.
Trend
| Short Term : | Trend | Reversal |
| 33100-33300 |  | 27590 |
| Medium Term : | Trend | Reversal |
| 22494-21200 |  | 39563 |
| Short Term : | Trend | Reversal |
| 9380-9630 | | 8083 |
| Medium Term : | Trend | Reversal |
| 6800-6300 | | 11598 |