Market Outlook
FRIDAY, April 22, 2022
Market Outlook (Closing) as on 22.04.2022
Market closed in negative territory at 57,197.15 (-714.53)
EXTENDING SLOW & STEADY TOWARDS SHORT TERM TARGET LEVELS: TRAIL TILL IT REVERSES
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY FROM TRADING PERSEPECTIVES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES
Market slow & steady heading towards Short term targets levels as expected. It closed 2nd consecutive week in negative territory. It looks like correction to extend slow & steady towards short term targets levels on down side as mentioned below. Trader should sell stock specific at current levels or any kind of pull back rally till trend reveres.
It looks like wave-X of wave-II corrective phase has completed in this pull back rally near recent high of 18114.65 levels on nifty & 60,845.10 levels on sensex. It looks like beginning of wave-Y complex correction. One can expect market to trend towards lower levels targets in short to medium term till it reverses as per chart attached.
Bank nifty also completed wave-X pull back rally near recent high. It made a high of 38765.85 levels. It started to fall from these levels. It looks like beginning of wave-Y complex correction further towards lower levels targets in short to medium term till trend reverses.
Bank nifty also completed wave-X pull back rally near recent high. It made a high of 38765.85 levels. It started to fall from these levels. It looks like beginning of wave-Y complex correction further towards lower levels targets in short to medium term till trend reverses. 38100 is short term reversal levels till it holds one can expect lower levels targets 3400-32000 levels in short term. 39900 are medium term reversal levels for Bank nifty, till it holds one can expect lower levels targets of around 30500-30000 levels medium term. Trader should keep sell on rise approach on bank nifty at current levels or any kind of pull back rally from short to medium term perspectives till it reverses.
17000 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative Open Interest data is also suggesting fresh built up of shorts position by FII & Long built up by clients at current levels supporting with short term view. It’s a sign of caution at current levels.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Trader should have sell on rise approach in short term while Investor should use this corrective phase to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & WEEKLY came in to BUY but Weekly MACD is still in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term Reversal
Conclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 22.04.2022
Market closed in negative territory at 57,197.15 (-714.53)EXTENDING SLOW & STEADY TOWARDS SHORT TERM TARGET LEVELS: TRAIL TILL IT REVERSES
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY FROM TRADING PERSEPECTIVES:
MEDIUM TO LONG TERM INVESTOR CAN USE THIS CORRECTION FOR STOCK SPECIFIC BUYING OPPORTUNITY: TRAIL TILL IT REVERSES
It looks like wave-X of wave-II corrective phase has completed in this pull back rally near recent high of 18114.65 levels on nifty & 60,845.10 levels on sensex. It looks like beginning of wave-Y complex correction. One can expect market to trend towards lower levels targets in short to medium term till it reverses as per chart attached.
Bank nifty also completed wave-X pull back rally near recent high. It made a high of 38765.85 levels. It started to fall from these levels. It looks like beginning of wave-Y complex correction further towards lower levels targets in short to medium term till trend reverses.
Bank nifty also completed wave-X pull back rally near recent high. It made a high of 38765.85 levels. It started to fall from these levels. It looks like beginning of wave-Y complex correction further towards lower levels targets in short to medium term till trend reverses. 38100 is short term reversal levels till it holds one can expect lower levels targets 3400-32000 levels in short term. 39900 are medium term reversal levels for Bank nifty, till it holds one can expect lower levels targets of around 30500-30000 levels medium term. Trader should keep sell on rise approach on bank nifty at current levels or any kind of pull back rally from short to medium term perspectives till it reverses.
17000 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivative Open Interest data is also suggesting fresh built up of shorts position by FII & Long built up by clients at current levels supporting with short term view. It’s a sign of caution at current levels.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Trader should have sell on rise approach in short term while Investor should use this corrective phase to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & WEEKLY came in to BUY but Weekly MACD is still in SELL. Market closed above 20WESM & 40 WEMA. One should watch out for price Reversal to finally conclude Medium term ReversalConclusion:
Short Term Trend is UP & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 52200-51300 |  | 59004 |
| Medium Term : | Trend | Reversal |
| 47200-46500 | | 61476 |
| Short Term : | Trend | Reversal |
| 15700-15450 | | 17665 |
| Medium Term : | Trend | Reversal |
| 14200-13700 | | 18350 |