Market Outlook
FRIDAY, DECEMBER 16, 2022
Market Outlook (Closing) as on 16.12.2022
Market closed in negative territory at 61337.81 (-461.22)
NEAR CRUCIAL SUPPORT LEVELS: TRAIL TILL IT REVERSES
SHARP BOUNCED BACK CAN POSSIBLE, IF LOWER END SUPPORT HOLDS:
MARKET MAY TREND IN RANGE TILL IT HOLDS LOWER END SUPPORTS:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
Market extended short term correction further & closed 2nd consecutive week in negative territory. It made a low of 61292 levels on sensex & 18255 levels on nifty so far in this correction. Its reaching towards lower end support/Reversal levels as per chart attached in short term. It’s very important support to watch out for. Market may see sharp bounced back if this support holds in short term. It may trade in broad consolidation range of 18100-18900 levels. One can expect market to trend towards higher levels targets in short term to medium term as mentioned below. Any kind of short term correction or consolidation is stock specific buying opportunity till short term reverses. One should follow a trend till it reverses.
It looks like wave-ii of III short term correction as sub wave counts as per chart attached. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It made a low of 43080 levels so far in this correction. Short term trend remains up till it trades above 41800 levels & Expecting targets of around of 44500-45000 levels in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. 18100-18000 levels is crucial support zone, below which one can see sharp selling pressure in short term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Break of short term reversal levels will lead to further sell off towards 17800 levels on nifty & 60000 levels on sensex in short term. Investor should use any kind of correction or consolidation 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. All the evidences are supporting with medium term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 16.12.2022
Market closed in negative territory at 61337.81 (-461.22)NEAR CRUCIAL SUPPORT LEVELS: TRAIL TILL IT REVERSES
SHARP BOUNCED BACK CAN POSSIBLE, IF LOWER END SUPPORT HOLDS:
MARKET MAY TREND IN RANGE TILL IT HOLDS LOWER END SUPPORTS:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
It looks like wave-ii of III short term correction as sub wave counts as per chart attached. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It made a low of 43080 levels so far in this correction. Short term trend remains up till it trades above 41800 levels & Expecting targets of around of 44500-45000 levels in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. 18100-18000 levels is crucial support zone, below which one can see sharp selling pressure in short term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Break of short term reversal levels will lead to further sell off towards 17800 levels on nifty & 60000 levels on sensex in short term. Investor should use any kind of correction or consolidation 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. All the evidences are supporting with medium term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 64000 |  | 60635 |
| Medium Term : | Trend | Reversal |
| 68000 | | 56147 |
| Short Term : | Trend | Reversal |
| 18900/19000 | | 18091 |
| Medium Term : | Trend | Reversal |
| 20400 | | 16747 |