Market Outlook
TUESDAY, SEPTEMBER 17, 2019
Market Outlook (Closing) as on 17.09.2019
Market closed in negative territory at 36,481.09 (- 642.22)
BREAKING RANGE ON DOWN SIDE: CONCLUDING SHORT TERM REVERSAL:
EXTENDING FURTHER TOWARDS LOWER LEVELS TARGETS IN SHORT TERM:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Market fianlly broken short term range of last 15 days on down side. It made a a low of 10796.50 levels on nifty & 36421.78 levels on sensex today. It unable to sustain above 11000-11100 levels on nifty & faced resistance at higher levels. One can expect market to extend further towards lower levels targets as mentioned below in short term.One should be Stock pecific for trading perspectives at current levels of market.
It looks like wave-V of C is started from short term wave count perspectives as per chart attached. 10750 is strong support to watchout for short term if its still forming base triangle as per chart attached. Over all wave counts is still not conclusive at current levels of market but still these correction is buying opportunity from medium term to long term perspectives.
BROADER Market particularly midcap & Small cap Indices are showing strength in last 15 days. Its still looks like end of medium term correction in broader market. It looks like possibility of end of Triple zig-zag correction in broader market. One should watchout further evidences to finally conclude the same.
BANK NIFTY also failed to sustain above 28000-28200 levels. It also looks like wave-V of C is started from short term wave count perspectives as per chart attached. One can expect Bank nifty to extend further towards lower levels targets till 26500-25700 levels in short term. 28200 levels is short term reversal for the same. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 11200 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives for current month series. Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST went in to SELL & DAILY MACD are in BUY indicating volatality 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 confirm rally towards 11300-11500 levels on nifty & 37700-38600 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but Investor should follow trend till medium term reverses.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 17.09.2019
Market closed in negative territory at 36,481.09 (- 642.22)BREAKING RANGE ON DOWN SIDE: CONCLUDING SHORT TERM REVERSAL:
EXTENDING FURTHER TOWARDS LOWER LEVELS TARGETS IN SHORT TERM:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
It looks like wave-V of C is started from short term wave count perspectives as per chart attached. 10750 is strong support to watchout for short term if its still forming base triangle as per chart attached. Over all wave counts is still not conclusive at current levels of market but still these correction is buying opportunity from medium term to long term perspectives.
BROADER Market particularly midcap & Small cap Indices are showing strength in last 15 days. Its still looks like end of medium term correction in broader market. It looks like possibility of end of Triple zig-zag correction in broader market. One should watchout further evidences to finally conclude the same.
BANK NIFTY also failed to sustain above 28000-28200 levels. It also looks like wave-V of C is started from short term wave count perspectives as per chart attached. One can expect Bank nifty to extend further towards lower levels targets till 26500-25700 levels in short term. 28200 levels is short term reversal for the same. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 11200 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives for current month series. Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST went in to SELL & DAILY MACD are in BUY indicating volatality 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 confirm rally towards 11300-11500 levels on nifty & 37700-38600 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but Investor should follow trend till medium term reverses.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 35200-35000 |  | 37436 |
| Medium Term : | Trend | Reversal |
| 42500-43000 |  | 32483 |
| Short Term : | Trend | Reversal |
| 10600-10400 | | 11085 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |