Market Outlook
MONDAY, MARCH 16, 2020
Market Outlook (Closing) as on 16.03.2020
Market closed in negative territory at 31390.07 (- 2713.41)
WAVE-V DOWN TOWARDS LOWER LEVELS TARGETS:
ANY KIND OF PULL BACK RALLY IS SELLING EXITING OPPORTUNITY: TRAIL TILL IT REVERSES:
CONCLUDING MEDIUM TERM REVERSAL: LOOKS LIKE SHARP WAVE- IV CORRECTION TOWARDS LOWER END OF CHANNEL:
Market failed to sustain at higher levels. It looks like wave-IV pull back rally over. It made a high of 10159.40 levels on nifty & 34768.79 levels on sensex. It looks like wave-V down is still pending & market may further fall towards lower levels targets in short term.One should use any kind of pull back is selling opportunity till trend reverses.
Overall wave count is not clear from medium to long term perspectives, but further lower levels targets can possible till medium term reverses.
NIFTY BANK also failed to sustain at higher levels. It looks like wave-IV pull back rally over. It made a high of 25591.90 levels. It looks like wave-V down is still pending & market may further fall towards lower levels targets in short term. 28550 is strong resistance levels in short term, till it holds one can expect lower levels targets till 21000 levels in short term. 29530 levels medium term reversal levels, till it holds one can expect lower levels targets till 17600 levels
8500 &10500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term pull back rally or consolidation is stock specific selling opportunity till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST Went in to SELL & WEEKLY MACD 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 16.03.2020
Market closed in negative territory at 31390.07 (- 2713.41)WAVE-V DOWN TOWARDS LOWER LEVELS TARGETS:
ANY KIND OF PULL BACK RALLY IS SELLING EXITING OPPORTUNITY: TRAIL TILL IT REVERSES:
CONCLUDING MEDIUM TERM REVERSAL: LOOKS LIKE SHARP WAVE- IV CORRECTION TOWARDS LOWER END OF CHANNEL:
Overall wave count is not clear from medium to long term perspectives, but further lower levels targets can possible till medium term reverses.
NIFTY BANK also failed to sustain at higher levels. It looks like wave-IV pull back rally over. It made a high of 25591.90 levels. It looks like wave-V down is still pending & market may further fall towards lower levels targets in short term. 28550 is strong resistance levels in short term, till it holds one can expect lower levels targets till 21000 levels in short term. 29530 levels medium term reversal levels, till it holds one can expect lower levels targets till 17600 levels
8500 &10500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term pull back rally or consolidation is stock specific selling opportunity till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST Went in to SELL & WEEKLY MACD 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 |
| 30000 |  | 37850 |
| Medium Term : | Trend | Reversal |
| 27000 | | 39563 |
| Short Term : | Trend | Reversal |
| 8550 | | 11100 |
| Medium Term : | Trend | Reversal |
| 8000 | | 11615 |