Market Outlook
TUESDAY, OCTOBER 18, 2022
Market Outlook (Closing) as on 18.10.2022
Market closed in positive territory at 58,960.60 (+549.62)
CONCLUDING SHORT TERM REVERSAL:
BROKEN OUT OF RANGE ON UPSIDE: TRAIL TILL IT REVERSES:
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 finally broken out of short term consolidation range on upside & closed above short term reversal levels today at the end of trading session. It looks like market to trend towards higher levels targets in short 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 end of wave-II correction with today’s short term reversal. Market has broken out short term triangular pattern on upside as per chart attached. One can expect market to trend towards higher levels targets as mentioned below in short to medium term till it reverses.
Bank nifty also broken out short term consolidation range & finally concluded end of wave-II short term correction as per chart attached. Short term trend remains up till it trades above 38437 levels & Expecting targets of around of 43700 levels in near 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. One should buy stock specific or Index from medium term perspectives till it reverses.
17000-18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will remain volatile ahead of expiry next week.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Break of this short term support levels will lead to sharp selloff till 16800 levels on nifty & 57060/56683 levels on sensex in short term. Investor should use any kind of correction or consoldation 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 18.10.2022
Market closed in positive territory at 58,960.60 (+549.62)CONCLUDING SHORT TERM REVERSAL:
BROKEN OUT OF RANGE ON UPSIDE: TRAIL TILL IT REVERSES:
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 end of wave-II correction with today’s short term reversal. Market has broken out short term triangular pattern on upside as per chart attached. One can expect market to trend towards higher levels targets as mentioned below in short to medium term till it reverses.
Bank nifty also broken out short term consolidation range & finally concluded end of wave-II short term correction as per chart attached. Short term trend remains up till it trades above 38437 levels & Expecting targets of around of 43700 levels in near 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. One should buy stock specific or Index from medium term perspectives till it reverses.
17000-18000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will remain volatile ahead of expiry next week.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Break of this short term support levels will lead to sharp selloff till 16800 levels on nifty & 57060/56683 levels on sensex in short term. Investor should use any kind of correction or consoldation 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 |
| 60845/62600 |  | 57639 |
| Medium Term : | Trend | Reversal |
| 68000 | | 56147 |
| Short Term : | Trend | Reversal |
| 18100/18600 | | 17098 |
| Medium Term : | Trend | Reversal |
| 20400 | | 16747 |