Market Outlook
FRIDAY, MARCH 23, 2018
Market Outlook (Closing) as on 23.03.2018
Market closed in negative territory at 32, 596.54 (- 409.73)
FIRST RANGE OF SHORT TERM TARGETS ACHIEVED:
TREND TOWARDS SECOND RANGE OF SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
Market extended correction furhter as expected & closed 4th cocectuive week in negative territory. It has achived first range of short term targets levels as expected below. It made a low of 9951.90 levels on nifty & 32,483.84 levels on sensex so far in this correction. One should exepct makret to trend towards second short term targets levels as mentioend below till it reverses.
It looks like extension in wave-C of (Y) from wave count perspectives as per chart attached as of now. One can expect still some more pain in this wave-IV correction before bottoming out in short term. Trader should stricly follow trend till it reverses.
As mentioned last week, Global makret particlualry US Market put further pressure in this ongoing correction. One should watchout its behavior & corelation in short term. Broader makret ( Midcap & Small cap) Indices which was out perfomring last week, has shown fresh round of selling this week. It also looks like last climax stage of selling in broader makret till it reveres in short term.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in negative territory. It has also started extension in wave-C of (Y) correction. It has achived my both short term targets levels near recent lows as expected last week. It made a low of 23631 levels so far in this corection. One can expect further lower levels targets till in the range of 23440-23300 levels as per chart attached. 24528 levels crucial resistnace & reversal levels for short term.
10000 & 10500 levels is strong support & resistance levels respectively based on option open interest data so far for expiry perspectives next week. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD both are in SELL supporting short term trend . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 23.03.2018
Market closed in negative territory at 32, 596.54 (- 409.73)FIRST RANGE OF SHORT TERM TARGETS ACHIEVED:
TREND TOWARDS SECOND RANGE OF SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
It looks like extension in wave-C of (Y) from wave count perspectives as per chart attached as of now. One can expect still some more pain in this wave-IV correction before bottoming out in short term. Trader should stricly follow trend till it reverses.
As mentioned last week, Global makret particlualry US Market put further pressure in this ongoing correction. One should watchout its behavior & corelation in short term. Broader makret ( Midcap & Small cap) Indices which was out perfomring last week, has shown fresh round of selling this week. It also looks like last climax stage of selling in broader makret till it reveres in short term.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in negative territory. It has also started extension in wave-C of (Y) correction. It has achived my both short term targets levels near recent lows as expected last week. It made a low of 23631 levels so far in this corection. One can expect further lower levels targets till in the range of 23440-23300 levels as per chart attached. 24528 levels crucial resistnace & reversal levels for short term.
10000 & 10500 levels is strong support & resistance levels respectively based on option open interest data so far for expiry perspectives next week. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD both are in SELL supporting short term trend . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 32850-32500/31800-31500 |  | 33355 |
| Medium Term : | Trend | Reversal |
| 38200-38500 |  | 29077 |
| Short Term : | Trend | Reversal |
| 10070/9980-9870/9700 | | 10228 |
| Medium Term : | Trend | Reversal |
| 12000-12200 | | 8968 |