Market Outlook
WEDNESDAY, JANUARY 18, 2023
Market Outlook (Closing) as on 18.01.2023
Market closed in positive territory at 61045.74 (+390.02)
LOWER END CHANNEL SUPPORT HOLDS: CONCLUDING SHORT TERM REVERSAL
EXPECT MARKET TO TREND TOWARDS HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM TILL SHORT TERM CHANNEL SUPPORT HOLDS:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
Market managed to hold lower end of support holds. It has consolidated well near lower end of support levels around 17700-17800 levels as per chart attached. It looks like end of short term correction. One should expect market to trend towards upper end of channel asper chart attached towards higher levels targets in short to medium term. One should BUY stock specific till these channel support holds & follow the trend till it reverses.
It can be wave-(i-ii) ,(i-ii) possibly as per daily chart attached. Channel support is very crucial for overall short to medium term persepctvies as per chart attached. It looks like Market will slow & steady tend towards upper end of channel till it holds.
Bank nifty is outperforming in short term. It looks like end of time wise correction on bank nifty. It consolidated well near lower end support levels.
Short term trend remains UP till it trades above 41500 levels & expecting target of 45300 to 46000 levels in short term. 39600 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term.
17500/18300 is strong support & Resistance levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative data indicating short covering by FII in last two trading session. Any kind of fresh buying in F&O by FII will lead to sharp rally on upside in short term. One needs to watch out FII F&O behavior in short term to take further clue on market.
Momentum indicators Daily KST & Daily MACD both came in to BUY supporting short term trend. Break of short term reversal levels will lead to further sharp sell off towards 17400 levels on nifty & 58500 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 medium to long term perspectives till it reveses.Momentum Perspective:
Weekly KST & Weekly MACD both are in SELL. 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 18.01.2023
Market closed in positive territory at 61045.74 (+390.02)LOWER END CHANNEL SUPPORT HOLDS: CONCLUDING SHORT TERM REVERSAL
EXPECT MARKET TO TREND TOWARDS HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM TILL SHORT TERM CHANNEL SUPPORT HOLDS:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
It can be wave-(i-ii) ,(i-ii) possibly as per daily chart attached. Channel support is very crucial for overall short to medium term persepctvies as per chart attached. It looks like Market will slow & steady tend towards upper end of channel till it holds.
Bank nifty is outperforming in short term. It looks like end of time wise correction on bank nifty. It consolidated well near lower end support levels.
Short term trend remains UP till it trades above 41500 levels & expecting target of 45300 to 46000 levels in short term. 39600 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term.
17500/18300 is strong support & Resistance levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative data indicating short covering by FII in last two trading session. Any kind of fresh buying in F&O by FII will lead to sharp rally on upside in short term. One needs to watch out FII F&O behavior in short term to take further clue on market.
Momentum indicators Daily KST & Daily MACD both came in to BUY supporting short term trend. Break of short term reversal levels will lead to further sharp sell off towards 17400 levels on nifty & 58500 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 medium to long term perspectives till it reveses.
Momentum Perspective:
Weekly KST & Weekly MACD both are in SELL. 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 |
| 65700/66000 |  | 59600 |
| Medium Term : | Trend | Reversal |
| 68000 | | 58578 |
| Short Term : | Trend | Reversal |
| 19000/19500 | | 17760 |
| Medium Term : | Trend | Reversal |
| 20400 | | 17400 |