Market Outlook
FRIDAY, JULY 15, 2022
Market Outlook (Closing) as on 15.07.2022
Market closed in Positive territory at 53,760.78 (+ 344.63)
TREND TOWARDS SHORT TERM HIGHER LEVELS TARGETS: TRAIL TILL IT REVERSES
PULL BACK RALLY TO CONTINUE FURTHER WITH HIGH VOLATALITY IN SHORT TERM:
MEDIUM TERM VIEW STILL REMAINS DOWN:
WORLD MARKET WITH SOFTEN COMMODITIES PRICE INDIATING SHORT TERM PULLS BACK RALLY FIRST TILL IT REVERSES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market trading in thin range with high for volatility for the week. It closed weekly marginally in negative territory. It’s trading in channel as per daily chart attached. It managed to find support near 20 DMA as per chart attached. One should expect pull back rally to continue further with high volatility in short term. Market may trend in broad range of 15500 to 16600/16700 in near term. One should buy stock specific at current levels or any kind of decline or consolidation till short term reverses.
It looks some kind of Wave-X counter trend pull back rally in short term as per chart attached in the form of retracement till short term reverses. World Market (Particularly USA) with softening commodities prices also indicating the same in near term. Although Medium term outlook for market still remains negative as mentioned below. We are in some Time wise corrective phase with stock rotation in the current structure of Market. We may see such time wise consolidation till December 22 to march 23 (i.e. - coming 6/8 Months) before finally bottoming out for medium term perspectives.
Bank nifty traded in thin rang & closed weekly in negative territory. It looks like Wave-X pull back rally to continue in short term till it reverses. 33131 is strong support for bank nifty in short term, till it holds above it, one can expect target1-36000 & target2-36500 levels in this pull back rally in short term. One should BUY for trading perspectives at current levels or any kind of decline or consolation till short term reverses. Medium term outlook for bank nifty still remains negative till it trades below 39290 levels & expecting targets in the range of 30800-30000 levels in medium term. It also looks like time wise corrective phase on bank nifty for medium term perspectives.
15500 & 16500/17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific 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 are in SELL. 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 15.07.2022
Market closed in Positive territory at 53,760.78 (+ 344.63)TREND TOWARDS SHORT TERM HIGHER LEVELS TARGETS: TRAIL TILL IT REVERSES
PULL BACK RALLY TO CONTINUE FURTHER WITH HIGH VOLATALITY IN SHORT TERM:
MEDIUM TERM VIEW STILL REMAINS DOWN:
WORLD MARKET WITH SOFTEN COMMODITIES PRICE INDIATING SHORT TERM PULLS BACK RALLY FIRST TILL IT REVERSES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
It looks some kind of Wave-X counter trend pull back rally in short term as per chart attached in the form of retracement till short term reverses. World Market (Particularly USA) with softening commodities prices also indicating the same in near term. Although Medium term outlook for market still remains negative as mentioned below. We are in some Time wise corrective phase with stock rotation in the current structure of Market. We may see such time wise consolidation till December 22 to march 23 (i.e. - coming 6/8 Months) before finally bottoming out for medium term perspectives.
Bank nifty traded in thin rang & closed weekly in negative territory. It looks like Wave-X pull back rally to continue in short term till it reverses. 33131 is strong support for bank nifty in short term, till it holds above it, one can expect target1-36000 & target2-36500 levels in this pull back rally in short term. One should BUY for trading perspectives at current levels or any kind of decline or consolation till short term reverses. Medium term outlook for bank nifty still remains negative till it trades below 39290 levels & expecting targets in the range of 30800-30000 levels in medium term. It also looks like time wise corrective phase on bank nifty for medium term perspectives.
15500 & 16500/17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Trader should BUY Stock specific 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 are in SELL. 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 |
| 55800-56300 |  | 52094 |
| Medium Term : | Trend | Reversal |
| 47200-46500 |  | 60846 |
| Short Term : | Trend | Reversal |
| 16500-16700 | | 15510 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18115 |