Market Outlook
FRIDAY, FEBRUARY 22, 2019
Market Outlook (Closing) as on 23.02.2019
Market closed in negative territory at 35871.48 (- 26.87)
LOWER END OF SUPPORT HOLDS: TRAIL TILL IT REVERSES:
BROADER MARKET ( MIDCAP/SMALL CAP) HAS TO CATCH UP FOR FURHTER CONFIRMATION:
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 managed to hold lower end support/Reversal levels as mentioned below & closed weekly in positive terriotry. It made a low of 10585.65 levels on nifty & 35287.16 levels during the week. It looks like end of wave-II of 5 correction so far as per chart attached. One can expect market to extend towards higher levels targets as mentioned below till it reverses.Any kind of decline or consolidation is buying opportunity till short term reverses.
It looks like end of wave- II of 5 correction as per chart attached near recent lows. One should closely watchout broader market behavior at current levels of market. It has to catch up now for further confirmation of over all trend of the market.Broader market ( Midcap/Smallcap) is still underperforming at current levels of market. It has to participate in this rally now & these divegence between main indices & broader market is going to end soon.Risk Reward is favourable to BUY stock specific at current levels of market.
BANK NIFTY also closed weekly in positive territory. Its looks like tringular kind of consoldation in wave-II as per chart attached.26500 levels is strong suppport on bank nifty, till it holds one can expect higher levels target1-28700/28800 & target2-29500 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 30000-32000 levels on medium term perspectives
10700 & 11000 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives next week. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL but one should wait fot price reversal to finally conclude short term reversal . One should be stock specific & follow the trend with trail stop loss levels till it reverses.Risk Reward is favourable to BUY at current levels of market. Close below short term reversal levels will lead to sharp correction till 10300 levels on nifty & 34400 levles on sensex in short term.
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 supporting medium term trend. Investor should follow trend till medium term reverses.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 23.02.2019
Market closed in negative territory at 35871.48 (- 26.87)LOWER END OF SUPPORT HOLDS: TRAIL TILL IT REVERSES:
BROADER MARKET ( MIDCAP/SMALL CAP) HAS TO CATCH UP FOR FURHTER CONFIRMATION:
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 end of wave- II of 5 correction as per chart attached near recent lows. One should closely watchout broader market behavior at current levels of market. It has to catch up now for further confirmation of over all trend of the market.Broader market ( Midcap/Smallcap) is still underperforming at current levels of market. It has to participate in this rally now & these divegence between main indices & broader market is going to end soon.Risk Reward is favourable to BUY stock specific at current levels of market.
BANK NIFTY also closed weekly in positive territory. Its looks like tringular kind of consoldation in wave-II as per chart attached.26500 levels is strong suppport on bank nifty, till it holds one can expect higher levels target1-28700/28800 & target2-29500 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 30000-32000 levels on medium term perspectives
10700 & 11000 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives next week. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL but one should wait fot price reversal to finally conclude short term reversal . One should be stock specific & follow the trend with trail stop loss levels till it reverses.Risk Reward is favourable to BUY at current levels of market. Close below short term reversal levels will lead to sharp correction till 10300 levels on nifty & 34400 levles on sensex in short term.
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 supporting medium term trend. Investor should follow trend till medium term reverses.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 37000-37200 |  | 35000 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 11000-11200 | | 10534 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |