Market Outlook
FRIDAY, MARCH 16, 2018
Market Outlook (Closing) as on 16.03.2018
Market closed in negative territory at 33,176 (- 509.54)
TREND TOWARDS FIRST SHORT TERM TARGETS LEVELS:
LOWER END SHORT TERM SUPPORTS TO WACHOUT FOR ANY KIND OF SHORT TERM BOTTOM:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
Market failed to sustain at higher levels & extended fall further & closed 3rd concecutive week in negative territory. One can expect market to trend towards first short term taregts levels as mentioned below. As market is also near short term support levels, One should also watchout makret behavior near first lower support zone of 10100-10000 levels on nifty for any kind of short term possible bottom. But Trader should strictly follow trend till it reverses.
Short term wave count & Structures are varying. It looks like ending digonal or wave-c of (Y) possiblity as per chart attached. One should watchout market behavior at lower end support levels to conclude from any one of possible structure in short term.10000 levels on nifty is very important support to watchout in short term, Close below it will lead to sharp fall till 9700 levels on nifty in short term.
Global Market particularly US Makret behavior is also to watchout apart form Domestic development for short term trend of market. Broader Market ( Midcap/small cap Indices) is still outperfomring in short term. It closed weekly in positive territory. One should also watchout broader market behavior as well to get further clue for short term trend of market.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in positive territory. Its also trading in range in short term.It has completed wave-X pull back rally near recent high of 25,780 levels in short term. One can expect lower levels target1-23900, target2-23600 & in extreme case target3-23300 levels in this wave-IV correction till it reverses in short term.25,780 is now short term reversal levels on bank nifty.
10000 & 10500 levels is strong support & resistance levels respectively based on option open interest data so far for this month series. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD came to BUY indicating voltality to persist in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
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 DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 16.03.2018
Market closed in negative territory at 33,176 (- 509.54)TREND TOWARDS FIRST SHORT TERM TARGETS LEVELS:
LOWER END SHORT TERM SUPPORTS TO WACHOUT FOR ANY KIND OF SHORT TERM BOTTOM:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
Short term wave count & Structures are varying. It looks like ending digonal or wave-c of (Y) possiblity as per chart attached. One should watchout market behavior at lower end support levels to conclude from any one of possible structure in short term.10000 levels on nifty is very important support to watchout in short term, Close below it will lead to sharp fall till 9700 levels on nifty in short term.
Global Market particularly US Makret behavior is also to watchout apart form Domestic development for short term trend of market. Broader Market ( Midcap/small cap Indices) is still outperfomring in short term. It closed weekly in positive territory. One should also watchout broader market behavior as well to get further clue for short term trend of market.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in positive territory. Its also trading in range in short term.It has completed wave-X pull back rally near recent high of 25,780 levels in short term. One can expect lower levels target1-23900, target2-23600 & in extreme case target3-23300 levels in this wave-IV correction till it reverses in short term.25,780 is now short term reversal levels on bank nifty.
10000 & 10500 levels is strong support & resistance levels respectively based on option open interest data so far for this month series. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD came to BUY indicating voltality to persist in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
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 DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 32850-32500-31800 |  | 34078 |
| Medium Term : | Trend | Reversal |
| 38200-38500 |  | 29077 |
| Short Term : | Trend | Reversal |
| 10070/9980-9800/9700 | | 10479 |
| Medium Term : | Trend | Reversal |
| 12000-12200 | | 8968 |