Market Outlook
FRIDAY, AUGUST 10, 2018
Market Outlook (Closing) as on 10.08.2018
Market closed in negative territory at 37,869.23 (- 155.14)
TREND TOWARDS SHORT TERM TARGETS LEVELS:
FIRST SHORT TERM TARGETS ACHIEVED ON NIFTY:
BANK NIFTY TO OUTPERFORM IN RALLY AHEAD: UPDATING MEDIUM TERM STRUCTURE ON BANK NIFTY:
REST OF THE REMAINING INDICES WILL ALSO MAKE ALL TIME HIGH IN COMING MONTHS OF 2018:
MIDCAP & SMALL CAP INDICES GOING TO OUTPERFORM IN RALLY AHEAD:
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 3rd concecutive week in positive terriotry. It has achieved my short term targets levels on nifty near recent high. It made a high of 11,495.20 levels on nifty & 38,076.23 levels on sensex so far in this rally. One can expect market to extend futher towards higher levels targets as mendtioend below in short to medium term. Any kind of short term consolidation or correction is stock specific buying opportunity till short term reverses.
Midcap & small cap indices closed weekly in negative territory. It looks like impulsive structure on broader market from recent bottom on daily chart indicating end of medium term correction on broader market near recent lows. we will see sharp recovery in these stocks & indices in rally ahead. These divergence now ended & broader market will also join party with main indices nifty & sensex. Broader makret will 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 positive territory. It extended rally on upside as expected last week. It made a high of 28,386 levels so far in this rally during the week. It has also made an all time high in this week & became 3rd indices to make all time high after nifty & sensex. 26926 levels is strong support for bank nifty for short term, till it holds one can exepct higher levels targets till 29650 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.
11000/11200 & 11500 levels is strong support & resistance levels respectively based on option open interest data for current month series expiry perspectives. As exepcted market has made new life time high on nifty & sensex so far & By looking at current structure, I feel market is going to surpass all time high soon on rest of the other indices such as BANK NIFTY, BSE 500, Midcap & Small cap indices as well in coming months & this rally will have time wise consolidation rather than price wise correction in short term. 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 are in BUY supporting short term trend. 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 10.08.2018
Market closed in negative territory at 37,869.23 (- 155.14)TREND TOWARDS SHORT TERM TARGETS LEVELS:
FIRST SHORT TERM TARGETS ACHIEVED ON NIFTY:
BANK NIFTY TO OUTPERFORM IN RALLY AHEAD: UPDATING MEDIUM TERM STRUCTURE ON BANK NIFTY:
REST OF THE REMAINING INDICES WILL ALSO MAKE ALL TIME HIGH IN COMING MONTHS OF 2018:
MIDCAP & SMALL CAP INDICES GOING TO OUTPERFORM IN RALLY AHEAD:
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:
Midcap & small cap indices closed weekly in negative territory. It looks like impulsive structure on broader market from recent bottom on daily chart indicating end of medium term correction on broader market near recent lows. we will see sharp recovery in these stocks & indices in rally ahead. These divergence now ended & broader market will also join party with main indices nifty & sensex. Broader makret will 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 positive territory. It extended rally on upside as expected last week. It made a high of 28,386 levels so far in this rally during the week. It has also made an all time high in this week & became 3rd indices to make all time high after nifty & sensex. 26926 levels is strong support for bank nifty for short term, till it holds one can exepct higher levels targets till 29650 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.
11000/11200 & 11500 levels is strong support & resistance levels respectively based on option open interest data for current month series expiry perspectives. As exepcted market has made new life time high on nifty & sensex so far & By looking at current structure, I feel market is going to surpass all time high soon on rest of the other indices such as BANK NIFTY, BSE 500, Midcap & Small cap indices as well in coming months & this rally will have time wise consolidation rather than price wise correction in short term. 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 are in BUY supporting short term trend. 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 |
| 38500-38700 |  | 35993 |
| Medium Term : | Trend | Reversal |
| 40500-40800 | | 32483 |
| Short Term : | Trend | Reversal |
| 11500-11600 | | 10929 |
| Medium Term : | Trend | Reversal |
| 12400-12500 | | 9951 |