Market Outlook
THURSDAY, MARCH 19, 2020
Market Outlook (Closing) as on 19.03.2020
Market closed in negative territory at 28288.23 (- 581.28)
SHORT TERM TARGETS ACHIEVED:
CRUCIAL SUPPORT TO WATCHOUT FOR: TRAIL TILL REVERSES:
ANY KIND OF PULL BACK RALLY IS SELLING EXITING OPPORTUNITY:
CONCLUDING MEDIUM TERM REVERSAL: LOOKS LIKE SHARP WAVE- II BEAR MARKET CORRECTION:
Market extended further as expected towards lower levels targets in short term. It made a low of 7832.55 levels on nifty & 26714.46 levels on sensex. It has achieved wave-V targets in recent lows unless extends further. Break of these lows will lead to further selling pressure towards revised lower levels targets as mentioned below in short term. One should use any kind of pull back is selling opportunity till trend reverses.
It looks like 5 wave decline fall from TOP so far as per chart attached from wave count perspectives. And further lower levels targets can possible till medium term reverses.
NIFTY BANK also achieved short term targets levels as expected near recent lows. It made a low of 18787.65 levels.It has achieved wave-V targets in recent lows unless extends further. Break of these lows will lead to further selling pressure towards revised lower levels target of 17600 levels in short term. 25670 is strong resistance levels in short term, till it holds one can expect lower levels targets till 17600 levels in short term. 29530 levels medium term reversal levels, till it holds one can expect lower levels targets till 14100-13400 levels.
8000 & 8500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term pull back rally or consolidation is stock specific selling opportunity till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST Went in to SELL & WEEKLY MACD are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is DOWN.
Trend
Market Outlook (Closing) as on 19.03.2020
Market closed in negative territory at 28288.23 (- 581.28)SHORT TERM TARGETS ACHIEVED:
CRUCIAL SUPPORT TO WATCHOUT FOR: TRAIL TILL REVERSES:
ANY KIND OF PULL BACK RALLY IS SELLING EXITING OPPORTUNITY:
CONCLUDING MEDIUM TERM REVERSAL: LOOKS LIKE SHARP WAVE- II BEAR MARKET CORRECTION:
It looks like 5 wave decline fall from TOP so far as per chart attached from wave count perspectives. And further lower levels targets can possible till medium term reverses.
NIFTY BANK also achieved short term targets levels as expected near recent lows. It made a low of 18787.65 levels.It has achieved wave-V targets in recent lows unless extends further. Break of these lows will lead to further selling pressure towards revised lower levels target of 17600 levels in short term. 25670 is strong resistance levels in short term, till it holds one can expect lower levels targets till 17600 levels in short term. 29530 levels medium term reversal levels, till it holds one can expect lower levels targets till 14100-13400 levels.
8000 & 8500 levels is strong support & resistance levels respectively based on option open interest data so far for current month series . Any kind of such short term pull back rally or consolidation is stock specific selling opportunity till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatile trend in short term. One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST Went in to SELL & WEEKLY MACD are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.Conclusion:
Short Term Trend is DOWN & Medium term Trend is DOWN.
Trend
| Short Term : | Trend | Reversal |
| 25700-25200 |  | 34769 |
| Medium Term : | Trend | Reversal |
| 22494-21200 | | 39563 |
| Short Term : | Trend | Reversal |
| 7500-7430 | | 10160 |
| Medium Term : | Trend | Reversal |
| 6800-6300 | | 11598 |