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The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

Market Outlook

FRIDAY, MARCH 08, 2019



Market Outlook (Closing) as on 08.03.2019

Market closed in negative territory at 36,671.43 (- 53.99)

BROKEN OUT OF CONSOLIDATION RANGE ON UPSIDE: TRAIL TILL IT REVERSES:

BROADER MARKET ARE SHOWING STRENGTH :LOOKS LIKE HIGH POSSIBILITY OF END OF DIVERGENCE AT RECENT BOTTOM: IT HAS TO CATCH UP NOW FOR FURTHER CONFIRMATION:

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:


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Market closed weekly in positive territory. It extended gain on upside as expected earleir & broken out of consolidation range of last 4-5 months on upside. It made a high of 11089.05 levels on nifty & 36830.25 levels on sensex so far in this rally.One can expect market to extend towards higher levels targets as mentioned below till it reverses.Any kind of decline or consolidation is buying opportunity till short term reverses.

It looks like begining of wave-III of 5 after long consolidation in range from wave count perspectives as per chart attached. Participation from broader market ( Particularly midcap & Small cap indices)from last couple of days are good sign at current levels of market as expected. It has to catch up now for further confirmation of over all trend of the market. It looks like high possibility end of this divergence at recent bottom and from now onwards, we will get broader market rally for higher levels targets in short to medium term. Risk Reward is favourable to BUY stock specific at current levels of market.

BANK NIFTY also closed weekly in positive territory. It has also broken out of consoldation range of upisde as expected. It also looks like wave-III of 5 begining on bank nifty as per chart attached.26700 levels is strong suppport on bank nifty, till it holds one can expect higher levels target1-28700/28800 & target2-29500 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 30000-32000 levels on medium term perspectives

10800-11000 & 11500 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 BUY supporting short term trend of market . One should be stock specific & follow the trend with trail stop loss levels till it reverses.Risk Reward is favourable to BUY at current levels of market. Close below short term reversal levels will lead to sharp correction till 10300 levels on nifty & 34400 levles on sensex in short term.

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 supporting medium term trend. Investor should follow trend till medium term reverses.

Conclusion:

Short Term Trend is UP & Medium term Trend is UP.

Trend


Short Term :TrendReversal
37200-3930035287
Medium Term : Trend Reversal
42500-4300032483
Short Term :TrendReversal
11300-1170010585
Medium Term : Trend Reversal
12600-129009951

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