Market Outlook
FRIDAY, DECEMBER 10, 2022
Market Outlook (Closing) as on 10.12.2022
Market closed in negative territory at 61,181.67 (-389.01)
PROFIT BOOKING FROM HIGHER LEVELS:
SHORT TERM REVERSAL LEVELS TO WATCHOUT FOR: TRAIL TILLIT REVERSES:
MARKET MAY TREND IN RANGE TILL IT HOLD LOWEREND SUPPORTS:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
Market closed weekly in negative territory. It witnessed profit booking from higher levels. It made a high of 63583.07 levels on sensex & 18887.60 levels on nifty. It closed near very crucial support of 18440 levels. Its important levels to watch out for in near term, Sustain below it will lead to further profit booking in market. It may trade in range of 18100/18400-18900 levels for some time till we get break out from consolidation in near term. One can expect market to trend towards higher levels targets as mentioned below in short to medium term. Any kind of short term correction or consolidation is stock specific buying opportunity till short term reverses. One should follow a trend till it reverses.
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It will continue to do well in rally ahead as expected. 41800 is strong support for short term till it holds one can higher levels targets in the range of till 44500-45000 levels in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. 18440 is strong support in near term, sustain below it will lead to further profit booking till 18100 levels in near term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 10.12.2022
Market closed in negative territory at 61,181.67 (-389.01)PROFIT BOOKING FROM HIGHER LEVELS:
SHORT TERM REVERSAL LEVELS TO WATCHOUT FOR: TRAIL TILLIT REVERSES:
MARKET MAY TREND IN RANGE TILL IT HOLD LOWEREND SUPPORTS:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It will continue to do well in rally ahead as expected. 41800 is strong support for short term till it holds one can higher levels targets in the range of till 44500-45000 levels in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. 18440 is strong support in near term, sustain below it will lead to further profit booking till 18100 levels in near term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 64000 |  | 60635 |
| Medium Term : | Trend | Reversal |
| 68000 | | 56147 |
| Short Term : | Trend | Reversal |
| 18900/19000 | | 18091 |
| Medium Term : | Trend | Reversal |
| 20400 | | 16747 |