Market Outlook
FRIDAY, MAY 11, 2018
Market Outlook (Closing) as on 11.05.2018
Market closed in Positive territory at 35,535.79 (+ 289.52)
EXTENDING FURTHER AFTER SHORT TERM TIME WISE CONSOLIDATION:
ANY KIND OF SHORT TERM VOLATALITY IS BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Market closed weekly in poisitive territory after end of short term time wise consolidation. It ended weekly trading session on stronger note ahead of Karnataka election Results next week. It made a high of 10,812.05 levels on nifty & 35,596.15 levels on sensex so far in this rally. It looks like possiblity of extension of rally from here on towards Life time high levels after end of time wise short term consolidation phase as expected earlier.One can expect higher levels targets as mentioend below in short to medium term.Any kind of decline or short term consolidation is stock specific buying opportunity till short term reverses.
BANK NIFTY also closed 3rd concecuitve week in positive territory. Its outperforming in this rally. It made a high of 26,429.90 levels so far in this rally.Its also extending furhter on upside after short term time wise consolidation as per chart attached as expected in short term. Its looks like much clear structure of wave-III of 5 on bank nifty with parallel channel set up as per chart attached in short term. One can expect higher levels targets around 27700 levels till it holds crucial support of 24700 levels in short term & further above 29600-30000 levels in medium term. Any kind of decline is also buying opportunity for bank nifty for short to medium term perspectives.
10500 & 11000 levels is strong support & resistance levels range respectively based on option open interest data so far for current month series. Market will remain very volatile ahead of Result season this month. By looking at current structure, I feel market is going to surpass all time high soon on main indices & 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 came in to BUY today & daily MACD is already in BUY supporting short term trend . Market will remain volatile ahead of state election results this month. 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 9950-9800 levels on nifty & 32400-31800 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that 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 11.05.2018
Market closed in Positive territory at 35,535.79 (+ 289.52)EXTENDING FURTHER AFTER SHORT TERM TIME WISE CONSOLIDATION:
ANY KIND OF SHORT TERM VOLATALITY IS BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
BANK NIFTY also closed 3rd concecuitve week in positive territory. Its outperforming in this rally. It made a high of 26,429.90 levels so far in this rally.Its also extending furhter on upside after short term time wise consolidation as per chart attached as expected in short term. Its looks like much clear structure of wave-III of 5 on bank nifty with parallel channel set up as per chart attached in short term. One can expect higher levels targets around 27700 levels till it holds crucial support of 24700 levels in short term & further above 29600-30000 levels in medium term. Any kind of decline is also buying opportunity for bank nifty for short to medium term perspectives.
10500 & 11000 levels is strong support & resistance levels range respectively based on option open interest data so far for current month series. Market will remain very volatile ahead of Result season this month. By looking at current structure, I feel market is going to surpass all time high soon on main indices & 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 came in to BUY today & daily MACD is already in BUY supporting short term trend . Market will remain volatile ahead of state election results this month. 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 9950-9800 levels on nifty & 32400-31800 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that 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 |
| 36100-36500 |  | 33700 |
| Medium Term : | Trend | Reversal |
| 38200-38500 | | 29077 |
| Short Term : | Trend | Reversal |
| 11000-11200 | | 10279 |
| Medium Term : | Trend | Reversal |
| 12000-12200 | | 8968 |