Market Outlook
FRIDAY, SEPTEMBER 07, 2018
Market Outlook (Closing) as on 07.09.2018
Market closed in positive territory at 38,389.82 (+ 147.01)
WEEKLY NEGATIVE CLOSE AFTER STRONG RALLY INDICATING SHORT TERM CONSOLIDATION PHASE:
EXTENSION OF RALLY FURTHER LIKELY TOWARDS HIGHER LEVELS TARGETS AFTER END OF THESE TIME WISE CONSOLIDATION PHASE:
ANY KIND OF SHORT TERM VOLTALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Market closed first weekly negative close after strong rally in last 2 months. It made a high of 11751.80 levels on nifty & 38,989.65 levels on sensex so far in this rally. It looks like short term consolidation phase from overbought zone in market. It looks like high possibility of market to extend further for higher levels targets after completion of these time wise consolidation phase. Although short term wave counts gets keep on changinig but overall medium term trend from wave count perspectives remains up for higher higher levels targets as mentioned below in short to medium term .Any kind of short term consolidation or correction is stock specific buying opportunity till short term reverses.
Broader market indices such as midcap & small cap also closed weekly in positive territory. It also looks like end of short tem correction in broader market. It may outperform in short term & catch up with main indices with faster face in rally ahead. One should still find out opportunity to BUY quality beaten down stocks of midcap & small cap index from medium to long term perspectives.
BANK NIFTY closed weekly in negative territory. It witnesssed sharp correction from higher levels . It made a low of 27,307.30 levels during the week.26926 levels is strong support for bank nifty for short term, till it holds one can exepct higher levels targets in the raneg of 28800-29800 levels in short term. 26000 levels is crucial support for bank nifty from medium term perspectives, till it holds one can higher levels targets till 32800-33000 levels on bank nifty as per monthly chart attached here.
11400 & 11800 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives next week.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 went in to sell indicating volatality in short term. 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 10500-10400 levels on nifty & 34900-34300 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & Its trading above both 20WESM & 40 WEMA . All Medium term Parameters are showing strength.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 07.09.2018
Market closed in positive territory at 38,389.82 (+ 147.01)WEEKLY NEGATIVE CLOSE AFTER STRONG RALLY INDICATING SHORT TERM CONSOLIDATION PHASE:
EXTENSION OF RALLY FURTHER LIKELY TOWARDS HIGHER LEVELS TARGETS AFTER END OF THESE TIME WISE CONSOLIDATION PHASE:
ANY KIND OF SHORT TERM VOLTALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Broader market indices such as midcap & small cap also closed weekly in positive territory. It also looks like end of short tem correction in broader market. It may outperform in short term & catch up with main indices with faster face in rally ahead. One should still find out opportunity to BUY quality beaten down stocks of midcap & small cap index from medium to long term perspectives.
BANK NIFTY closed weekly in negative territory. It witnesssed sharp correction from higher levels . It made a low of 27,307.30 levels during the week.26926 levels is strong support for bank nifty for short term, till it holds one can exepct higher levels targets in the raneg of 28800-29800 levels in short term. 26000 levels is crucial support for bank nifty from medium term perspectives, till it holds one can higher levels targets till 32800-33000 levels on bank nifty as per monthly chart attached here.
11400 & 11800 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives next week.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 went in to sell indicating volatality in short term. 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 10500-10400 levels on nifty & 34900-34300 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & Its trading above both 20WESM & 40 WEMA . All Medium term Parameters are showing strength.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 |
| 39500-40000 |  | 36443 |
| Medium Term : | Trend | Reversal |
| 43200 | | 32483 |
| Short Term : | Trend | Reversal |
| 11800-12000 | | 11171 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |