Market Outlook
FRIDAY, JUNE 17, 2022
Market Outlook (Closing) as on 17.06.2022
Market closed in negative territory at 51,360.42 (-135.47)
SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES
POSSIBILITY OF MEDIUM TERM TARGTS LEVELS CANN’T RULED OUT TILL SHORT TERM TREND REVERSES:
WAIT FOR MARKET TO SETTLE IN SHORT TERM:
USA MARKET AT VERY CRUCIAL MEDIUM TERM SUPORT ZONE IN NEAR TERM
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES
Market achieved short term targets levels as expected earlier in this correction. It made a low of 15183 levels on nifty & 50875 levels on sensex. It looks like possibility of medium term targets levels can’t rule out till short term trend reverses. One should wait for Market to settle in near term & trail till it reverses.
It looks like Wave-C of Y or Wave-V of ongoing correction as per chart attached. We may see Market to trade in range in this calendar year. We can see Time wise corrective phase with rotation of stocks in this phase of correction. One should watch out market behavior at these crucial levels as USA Market has reached at very crucial medium term support levels in near term. One can’t rule out possibility of sharp pullback rally in USA Market, if this support holds in near term.
Bank nifty also achieved my short term targets levels as expected earlier. It made a low of 32335 levels so far in this correction. One should also watch Bank nifty to settle in near term. One can’t rule out possibility of medium term targets levels can’t rule out till short term trend reverses. 34735 is short term reversal levels till it holds one can expect lower levels targets 32000 levels in short term. 39425 are medium term reversal levels for Bank nifty, till it holds one can expect lower levels targets of around 30800-30000 levels medium term. One should watch out short term reversal levels to finally conclude end of short term correction on Bank nifty.
15000 & 16000 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 SELL supporting short term trend. Trader should wait for short term reversal to finally conclude end of short term correction 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 came in to BUY but Weekly MACD is still 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 17.06.2022
Market closed in negative territory at 51,360.42 (-135.47)SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES
POSSIBILITY OF MEDIUM TERM TARGTS LEVELS CANN’T RULED OUT TILL SHORT TERM TREND REVERSES:
WAIT FOR MARKET TO SETTLE IN SHORT TERM:
USA MARKET AT VERY CRUCIAL MEDIUM TERM SUPORT ZONE IN NEAR TERM
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES
It looks like Wave-C of Y or Wave-V of ongoing correction as per chart attached. We may see Market to trade in range in this calendar year. We can see Time wise corrective phase with rotation of stocks in this phase of correction. One should watch out market behavior at these crucial levels as USA Market has reached at very crucial medium term support levels in near term. One can’t rule out possibility of sharp pullback rally in USA Market, if this support holds in near term.
Bank nifty also achieved my short term targets levels as expected earlier. It made a low of 32335 levels so far in this correction. One should also watch Bank nifty to settle in near term. One can’t rule out possibility of medium term targets levels can’t rule out till short term trend reverses. 34735 is short term reversal levels till it holds one can expect lower levels targets 32000 levels in short term. 39425 are medium term reversal levels for Bank nifty, till it holds one can expect lower levels targets of around 30800-30000 levels medium term. One should watch out short term reversal levels to finally conclude end of short term correction on Bank nifty.
15000 & 16000 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 SELL supporting short term trend. Trader should wait for short term reversal to finally conclude end of short term correction 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 came in to BUY but Weekly MACD is still 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 |
| 51300-50000 |  | 54500 |
| Medium Term : | Trend | Reversal |
| 47200-46500 | | 60846 |
| Short Term : | Trend | Reversal |
| 15450-15000/14800 | | 16244 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18115 |