Market Outlook
THURSDAY, JUNE 11, 2020
Market Outlook (Closing) as on 11.06.2020
Market closed in negative territory at 33538.37 (- 708.68)
CONCLUDING END OF WAVE-B PULL BACK RALLY & BEGINNING OF FRESH ROUND OF CORRECTION:
SELL OR EXIT AT CURRENT LEVELS OR ANY KIND OF RISE OR CONSOLIDATION TILL TREND REVERSES:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market sharply corrected & finally confirmed end of wave-B Pull back rally near recent high as expected. It made a high of 10328.50 levels & 34927.80 levels on sensex in this pull back rally & sharply reversed from these levels. One should expect market to correct sharply towards lower levels targets as mentioned below in short to medium term till it reverses. Trader should sell at current levels or any kind of rise or consolidation till it reverses.
Market has completed wave-B pull back rally as per chart attached from broader overall wave count perspectives near recent high as per chart attached. One should market to trend towards lower levels targets in short to medium term till it reverses. Risk reward it favorable for BEARS to sell at current levels of market.
BANK NIFTY remained underperforming in this rally. It has also completed wave-B Pull back rally near recent high as expected. It made a high of 21807.40 levels in this pull back rally & sharply reversed from these levels.
22000 levels are short term reversal levels, till it trades below it one can expect lower levels targets till 16000-15500 levels in short term. 26650 levels is crucial medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400/13200-10800 levels ( In case of Extreme panic) in medium term.
9500/9000 & 10500/10000 levels is crucial support & Resistance levels respectively based on option open interest data for expiry perspectives for current month series. Any kind of pull back rally is stock specific selling opportunity as medium term trend is still down.
Momentum indicators Daily KST went in to SELL today & Daily MACD are still in BUY indicating volatile short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Sustain & close above short term reversal levels will lead to extension of pull back rally further towards 10600 levels on nifty & 36100 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is DOWN.
Trend
Market Outlook (Closing) as on 11.06.2020
Market closed in negative territory at 33538.37 (- 708.68)CONCLUDING END OF WAVE-B PULL BACK RALLY & BEGINNING OF FRESH ROUND OF CORRECTION:
SELL OR EXIT AT CURRENT LEVELS OR ANY KIND OF RISE OR CONSOLIDATION TILL TREND REVERSES:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market has completed wave-B pull back rally as per chart attached from broader overall wave count perspectives near recent high as per chart attached. One should market to trend towards lower levels targets in short to medium term till it reverses. Risk reward it favorable for BEARS to sell at current levels of market.
BANK NIFTY remained underperforming in this rally. It has also completed wave-B Pull back rally near recent high as expected. It made a high of 21807.40 levels in this pull back rally & sharply reversed from these levels.
22000 levels are short term reversal levels, till it trades below it one can expect lower levels targets till 16000-15500 levels in short term. 26650 levels is crucial medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400/13200-10800 levels ( In case of Extreme panic) in medium term.
9500/9000 & 10500/10000 levels is crucial support & Resistance levels respectively based on option open interest data for expiry perspectives for current month series. Any kind of pull back rally is stock specific selling opportunity as medium term trend is still down.
Momentum indicators Daily KST went in to SELL today & Daily MACD are still in BUY indicating volatile short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Sustain & close above short term reversal levels will lead to extension of pull back rally further towards 10600 levels on nifty & 36100 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.Conclusion:
Short Term Trend is DOWN & Medium term Trend is DOWN.
Trend
| Short Term : | Trend | Reversal |
| 31800-29800-27500 |  | 34928 |
| Medium Term : | Trend | Reversal |
| 25500-22494-21200 | | 36100 |
| Short Term : | Trend | Reversal |
| 9500-8800-8000 | | 10329 |
| Medium Term : | Trend | Reversal |
| 7500-6800-6300 | | 10691 |