Market Outlook
FRIDAY, JULY 08, 2022
Market Outlook (Closing) as on 08.07.2022
Market closed in Positive territory at 54,481.84 (+ 303.38)
CONCLUDING SHORT TERM REVERSAL:
DERIVATIVE DATA & WORLD MARKET WITH SOFTEN COMMODITIES PRICE INDIATING SHORT TERM PULLS BACK RALLY TILL IT REVERSES:
MEDIUM TERM VIEW STILL REMAINS DOWN:
SHORT TERM PULL BACK RALLY TO CONTINUE FOR HIGHER LEVELS TARGETS TILL IT REVERSES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market finally broken out of short term consolidation as waiting for, to finally conclude short term trend reversal. It closed 3rd consecutive week in positive territory. It looks like possibility of pull back rally in near term till it reverses. Derivative Data ( OI & Participants Positions) & World Markets Particularly USA both indicating the same. One should buy stock specific at current levels or any kind of decline or consolidation in this pull back rally till it reverses.
It looks some kind of Wave-X counter trend pull back rally in short term as per chart attached in the form of retracement till short term reverses. World Market with softening commodities prices also indicating the same in near term. Although Medium term outlook for market still remains negative as mentioned below. We are in some Time wise corrective phase with stock rotation in the current structure of Market. We may see such time wise consolidation till December 22 to march 23 (i.e. - coming 6/8 Months) before finally bottoming out for medium term perspectives.
Bank nifty also broken out of consolidation in short term. It looks like Wave-X pull back rally to continue in short term till it reverses. 33131 is strong support for bank nifty in short term, till it holds above it, one can expect target1-37000 & target2-38500 levels in this pull back rally in short term. One should BUY for trading perspectives at current levels or any kind of decline or consolation till short term reverses. Medium term outlook for bank nifty still remains negative till it trades below 39290 levels & expecting targets in the range of 30800-30000 levels in medium term. It also looks like time wise corrective phase on bank nifty for medium term perspectives.
15500 & 16500/17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data (OI & Participant wise Positions) also indicating Bullish bets for short term till it reverses.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific in this pullback rally while Investor should use this corrective phase to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both are in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term Reversal
Conclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 08.07.2022
Market closed in Positive territory at 54,481.84 (+ 303.38)CONCLUDING SHORT TERM REVERSAL:
DERIVATIVE DATA & WORLD MARKET WITH SOFTEN COMMODITIES PRICE INDIATING SHORT TERM PULLS BACK RALLY TILL IT REVERSES:
MEDIUM TERM VIEW STILL REMAINS DOWN:
SHORT TERM PULL BACK RALLY TO CONTINUE FOR HIGHER LEVELS TARGETS TILL IT REVERSES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
It looks some kind of Wave-X counter trend pull back rally in short term as per chart attached in the form of retracement till short term reverses. World Market with softening commodities prices also indicating the same in near term. Although Medium term outlook for market still remains negative as mentioned below. We are in some Time wise corrective phase with stock rotation in the current structure of Market. We may see such time wise consolidation till December 22 to march 23 (i.e. - coming 6/8 Months) before finally bottoming out for medium term perspectives.
Bank nifty also broken out of consolidation in short term. It looks like Wave-X pull back rally to continue in short term till it reverses. 33131 is strong support for bank nifty in short term, till it holds above it, one can expect target1-37000 & target2-38500 levels in this pull back rally in short term. One should BUY for trading perspectives at current levels or any kind of decline or consolation till short term reverses. Medium term outlook for bank nifty still remains negative till it trades below 39290 levels & expecting targets in the range of 30800-30000 levels in medium term. It also looks like time wise corrective phase on bank nifty for medium term perspectives.
15500 & 16500/17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data (OI & Participant wise Positions) also indicating Bullish bets for short term till it reverses.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific in this pullback rally while Investor should use this corrective phase to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both are in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term ReversalConclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 56500-57800 |  | 52094 |
| Medium Term : | Trend | Reversal |
| 47200-46500 |  | 60846 |
| Short Term : | Trend | Reversal |
| 16800-17400 | | 15510 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18115 |