Market Outlook
FRIDAY, OCTOBER 18, 2019
Market Outlook (Closing) as on 18.10.2019
Market closed in positive territory at 39298.38 (+246.32)
EXTENDING TOWARDS SHORT TERM TARGETS LEVELS:
PULL BACK RALLY TO EXTEND FURTHER IN SHORT TERM : TRAIL TILL IT REVERSES:
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 closed weekly in positive territory. Its slow but steady extending towards higher levels in short term. One should expect market to trend towards short term targets levels as mentioned below in near term. One should buy stock specific on any decline or consolidation till short term reverses.
Although overall short term wave count is still not conclusive in short term as per chart attached. But it indicating one should be on stock specific on buy side at current levels or any kind of decline.
Broader market is started to show strength this week, its a good sign at current levels of market. One should broader market behavior in near term .Broader market particularly midcap & small cap Indices going to out perform from here on & it also looks like medium to long term bottom on these indices. One should start to buy selective stocks in portfolio from midcap & small cap segments from medium to long term perspectives.
BANK NIFTY also closed weekly in positive territory. Its showing bit under performance compare to nifty in near term. Its consolidated well in short term. One can expect it to out perform in coming days. 27650 is strong support for bank nifty in short term. One can expect higher levels target1-31000 & target2-32000 levels in short term. 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.
11000/11400 & 11700/12000 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 & DAILY MACD both are in BUY supporting short term trend . 11075 & 37450 levels is strong support zone for short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 18.10.2019
Market closed in positive territory at 39298.38 (+246.32)EXTENDING TOWARDS SHORT TERM TARGETS LEVELS:
PULL BACK RALLY TO EXTEND FURTHER IN SHORT TERM : TRAIL TILL IT REVERSES:
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:
Although overall short term wave count is still not conclusive in short term as per chart attached. But it indicating one should be on stock specific on buy side at current levels or any kind of decline.
Broader market is started to show strength this week, its a good sign at current levels of market. One should broader market behavior in near term .Broader market particularly midcap & small cap Indices going to out perform from here on & it also looks like medium to long term bottom on these indices. One should start to buy selective stocks in portfolio from midcap & small cap segments from medium to long term perspectives.
BANK NIFTY also closed weekly in positive territory. Its showing bit under performance compare to nifty in near term. Its consolidated well in short term. One can expect it to out perform in coming days. 27650 is strong support for bank nifty in short term. One can expect higher levels target1-31000 & target2-32000 levels in short term. 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.
11000/11400 & 11700/12000 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 & DAILY MACD both are in BUY supporting short term trend . 11075 & 37450 levels is strong support zone for short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 40000-41000 |  | 38208 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 11800-12100-12300 | | 11321 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |