Market Outlook
FRIDAY, AUGUST 12, 2022
Market Outlook (Closing) as on 12.08.2022
Market closed in positive territory at 59,462.78 (+ 130.18)
TREND TOWARDS SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES
MEDIUM TERM REVERSAL LEVELS TO WATCHOUT FOR:
DERIVATIVES DATA SHOWING BULLISH STRUCTURE IN SHORT TERM
NEAR CLUSTER OF RESISTANCE ZONE:
WORLD MARKET WITH SOFTEN COMMODITIES PRICE RESULTED IN TO SHORT TERM PULLS BACK RALLY:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market extending pull back rally as expected. It made a high so far of around 17724.65 levels on nifty & 59458 levels on sensex. Its approaching towards revised short term targets levels as expected & mentioned below earlier. One should watch out market behavior near higher levels of cluster of resistance zone near medium term reversal levels. Trader should buy stock specific & keep periodic profit booking at current levels of market as its entering into medium term crucial resistance levels. One should follow trend with trailing stop loss levels till it reverses.
Market is near medium term reversal levels as mentioned below. It’s trading near cluster of resistance zone. It’s still looks like wave-X Pullback rally till medium term reverses. Will review overall wave counts, if market sustains above medium term reversal levels. One should watch out market behavior around these levels to finally conclude the same.
Bank nifty extended towards higher levels targets as expected. It has achieved my short term targets levels as expected near recent high. It made a high of 39088 levels so far in this rally. Short term trend remains up till Bank nifty trades above 36000 levels. It’s also approaching towards medium term reversal levels. 39900 are crucial resistance/medium term reversal levels. Will review overall wave counts further, if market sustains above medium term reversal levels. One should watch out market behavior around these levels to finally conclude the same.
17500/18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data showing bullish structure in short term Trader should book profit at regular intervals as medium term outlook for the market still remains negative.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific & keeps regular profit booking in this pullback rally while Investor should use this corrective phase 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. One should watch out for price Reversal to finally conclude Medium term Reversal
Conclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 12.08.2022
Market closed in positive territory at 59,462.78 (+ 130.18)TREND TOWARDS SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES
MEDIUM TERM REVERSAL LEVELS TO WATCHOUT FOR:
DERIVATIVES DATA SHOWING BULLISH STRUCTURE IN SHORT TERM
NEAR CLUSTER OF RESISTANCE ZONE:
WORLD MARKET WITH SOFTEN COMMODITIES PRICE RESULTED IN TO SHORT TERM PULLS BACK RALLY:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market is near medium term reversal levels as mentioned below. It’s trading near cluster of resistance zone. It’s still looks like wave-X Pullback rally till medium term reverses. Will review overall wave counts, if market sustains above medium term reversal levels. One should watch out market behavior around these levels to finally conclude the same.
Bank nifty extended towards higher levels targets as expected. It has achieved my short term targets levels as expected near recent high. It made a high of 39088 levels so far in this rally. Short term trend remains up till Bank nifty trades above 36000 levels. It’s also approaching towards medium term reversal levels. 39900 are crucial resistance/medium term reversal levels. Will review overall wave counts further, if market sustains above medium term reversal levels. One should watch out market behavior around these levels to finally conclude the same.
17500/18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data showing bullish structure in short term Trader should book profit at regular intervals as medium term outlook for the market still remains negative.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific & keeps regular profit booking in this pullback rally while Investor should use this corrective phase 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. One should watch out for price Reversal to finally conclude Medium term ReversalConclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 60000/60400 |  | 56430 |
| Medium Term : | Trend | Reversal |
| 47200-46500 |  | 60846 |
| Short Term : | Trend | Reversal |
| 17900/18000 | | 16793 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18115 |