Market Outlook
FRIDAY, March 11, 2022
Market Outlook (Closing) as on 11.03.2022
Market closed in Positive territory at 55550.30 (+85.91)
FIRST SHOR TERM TARGETS ACHIEVEVD: TRAIL TILL REVERSES
RANGE BOUND MOVE WITH HIGH VOLATALITY IN SHORT TERM:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
BEGINNING OF SHORT TO MEDIUM TERM CORRECTION AFTER END OF FIRST PAHSE OF BULL MARKET RALLY STARTED AFTER COVID PANDEMIC FALL: TRAIL TILL IT REVERSES:
BEGINNING OF WAVE-II CORRECTION AFTER SHARP BULL MARKET RISE SINCE MARCH2020:
Market sharply corrected & achieved my first short term targets levels as expected near recent lows. It made a low of 15671.45 levels on nifty & 52260.82 levels on sensex. We have seen sharp pull back rally from lower levels. It still looks like market is in short to medium term perspectives in corrective mode. Alternatively, Market may remain in some wide range consolidation between 16000-17200 levels some more time before heading down further for lower levels targets as mentioned below in short to medium term. Trader should be stock specific & sell near higher end of range in any kind of pull back rally & follow trend till it reverses.
Although short term wave counts are not conclusive but overall wave count is very clear that its wave-II correction after solid 2 year rally from covid crash. We may see some kind of pull back rally possible like 2011 corrective structure but one should follow levels wise trend as mentioned below from short to medium term perspectives till it reverses. Investor should buy in tranches good quality stocks from medium to long term perspectives.
Bank nifty also in corrective mode. It has achieved my short term targets levels. It made a low of 32155.35 levels. We have seen sharp pull back rally from lower levels. It’s still looks like in corrective mode. 37320 is short term reversal levels to watch out for, till it trades below it one can expect lower levels targets of 30400 levels in short term. 39200 levels are medium term reversal levels, till it holds one can expect lower levels targets till 29200 levels.
16000 & 17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Market will be volatile ahead of FED MEET next week & Geopolitical Tension in short term. We have completed first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. The current upward rally of last 2 years was global driven so now correction will be also being global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed below 20WESM but still above 40 WEMA. Majority of indicators are pointing medium term reversal.
Conclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 11.03.2022
Market closed in Positive territory at 55550.30 (+85.91)FIRST SHOR TERM TARGETS ACHIEVEVD: TRAIL TILL REVERSES
RANGE BOUND MOVE WITH HIGH VOLATALITY IN SHORT TERM:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
BEGINNING OF SHORT TO MEDIUM TERM CORRECTION AFTER END OF FIRST PAHSE OF BULL MARKET RALLY STARTED AFTER COVID PANDEMIC FALL: TRAIL TILL IT REVERSES:
BEGINNING OF WAVE-II CORRECTION AFTER SHARP BULL MARKET RISE SINCE MARCH2020:
Although short term wave counts are not conclusive but overall wave count is very clear that its wave-II correction after solid 2 year rally from covid crash. We may see some kind of pull back rally possible like 2011 corrective structure but one should follow levels wise trend as mentioned below from short to medium term perspectives till it reverses. Investor should buy in tranches good quality stocks from medium to long term perspectives.
Bank nifty also in corrective mode. It has achieved my short term targets levels. It made a low of 32155.35 levels. We have seen sharp pull back rally from lower levels. It’s still looks like in corrective mode. 37320 is short term reversal levels to watch out for, till it trades below it one can expect lower levels targets of 30400 levels in short term. 39200 levels are medium term reversal levels, till it holds one can expect lower levels targets till 29200 levels.
16000 & 17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Market will be volatile ahead of FED MEET next week & Geopolitical Tension in short term. We have completed first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. The current upward rally of last 2 years was global driven so now correction will be also being global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed below 20WESM but still above 40 WEMA. Majority of indicators are pointing medium term reversal.Conclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 51800-50400 |  | 58750 |
| Medium Term : | Trend | Reversal |
| 48500/47200-46100 | | 59620 |
| Short Term : | Trend | Reversal |
| 15600/15450-15050 | | 17500 |
| Medium Term : | Trend | Reversal |
| 14400-14200/13800 | | 17795 |