Market Outlook
FRIDAY, SEPTEMBER 16, 2022
Market Outlook (Closing) as on 16.09.2022
Market closed in negative territory at 58,840.79 (-1093.22)
PROFIT BOOKING FROM MEDIUM TERM REVESAL LEVELS:
SHORT TERM SUPPORTS LEVELSTO WATCHOUT FOR: TRAIL TILL IT REVERSES:
BREKA OF SHORT TERM SUPORT LEVELS LEAD TO SHARP SELL OF IN SHORT TERM OR ELSE MARKET MAY REMAIN RANGE BOUND RANGE BOUND IN SHORT TERM: TRAIL TILL IT REVERSES
INDIA IS OUT PERFORMING ASCOMPARE TO WORLD MARKET IN SHORT TERM:
WORLD MARKET BEHAVIOR IS A SIGN OF CAUTION IN SHORT TERM:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market failed to sustain above medium term reversal levels. It made a high of 18096.15 levels on nifty & 60676 levels on sensex. It witnessed sharp profit booking from higher levels. It closed very nearer to short term support/Reversal levels at the end of weekly trading session. One should watch out market behavior at these very crucial levels in near term. Break of these support levels will lead to sharp selloff in short term or else market may remain range bound ( 17400-18000 levels on nifty) in short term. India is out performing compare to world markets in near term. World Market behavior is a sign of caution in near term. Trader should be stock specific & keep periodic profit booking at current levels of market. One should follow trend with trailing stop loss levels till it reverses.
Market failed to cross medium term reversal levels. We have seen sharp profit booking around from these levels. It’s very important resistance zone to cross in near term to finally conclude end of corrective phase & begging of fresh rally for higher levels in medium to long term perspectives. It can be Wave-X pullback rally or Impulsive rally is not so far conclusive till medium term reverses as per overall wave counts chart attached. One should watch out market behavior around these levels to finally conclude the same.
Bank nifty is outperforming at current levels of market. It failed to close above medium term revised reversal levels as mentioned earlier. It made a high of 41840.15 levels so far in this rally. Short term trend remains up till Bank nifty trades above 38470 levels. We may see further sharp selloff in short term or else it may remain range bound between 38500-40500/41000 levels for some more time ahead to global market correction. 41840 are crucial resistance/medium term reversal levels. It looks impulse rally on bank nifty from July 2022 lower levels but One should watch out market behavior around these levels in coming days to finally conclude medium term reversal levels.
17000-17500/18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative FII data is showing profit booking by FII in stock futures & minor Index futures shorts, showing lack of buying interest in short term. World Market behavior is very crucial for short term of Indian equity markets ahead of FED Meet & RBI meet in coming days.
Momentum indicators Daily KST is in BUY & Daily MACD are in SELL showing weakness in short term trend. Trader should be Stock specific & keeps regular profit booking regular intervels while Investor should use any kind of correction or consoldation 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 16.09.2022
Market closed in negative territory at 58,840.79 (-1093.22)PROFIT BOOKING FROM MEDIUM TERM REVESAL LEVELS:
SHORT TERM SUPPORTS LEVELSTO WATCHOUT FOR: TRAIL TILL IT REVERSES:
BREKA OF SHORT TERM SUPORT LEVELS LEAD TO SHARP SELL OF IN SHORT TERM OR ELSE MARKET MAY REMAIN RANGE BOUND RANGE BOUND IN SHORT TERM: TRAIL TILL IT REVERSES
INDIA IS OUT PERFORMING ASCOMPARE TO WORLD MARKET IN SHORT TERM:
WORLD MARKET BEHAVIOR IS A SIGN OF CAUTION IN SHORT TERM:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES:
Market failed to cross medium term reversal levels. We have seen sharp profit booking around from these levels. It’s very important resistance zone to cross in near term to finally conclude end of corrective phase & begging of fresh rally for higher levels in medium to long term perspectives. It can be Wave-X pullback rally or Impulsive rally is not so far conclusive till medium term reverses as per overall wave counts chart attached. One should watch out market behavior around these levels to finally conclude the same.
Bank nifty is outperforming at current levels of market. It failed to close above medium term revised reversal levels as mentioned earlier. It made a high of 41840.15 levels so far in this rally. Short term trend remains up till Bank nifty trades above 38470 levels. We may see further sharp selloff in short term or else it may remain range bound between 38500-40500/41000 levels for some more time ahead to global market correction. 41840 are crucial resistance/medium term reversal levels. It looks impulse rally on bank nifty from July 2022 lower levels but One should watch out market behavior around these levels in coming days to finally conclude medium term reversal levels.
17000-17500/18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative FII data is showing profit booking by FII in stock futures & minor Index futures shorts, showing lack of buying interest in short term. World Market behavior is very crucial for short term of Indian equity markets ahead of FED Meet & RBI meet in coming days.
Momentum indicators Daily KST is in BUY & Daily MACD are in SELL showing weakness in short term trend. Trader should be Stock specific & keeps regular profit booking regular intervels while Investor should use any kind of correction or consoldation 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 |
| 60400/60800 |  | 58245 |
| Medium Term : | Trend | Reversal |
| 47200-46500 |  | 60846 |
| Short Term : | Trend | Reversal |
| 17900/18100 | | 17400 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18116 |