Market Outlook
TUESDAY, JUNE 23, 2020
Market Outlook (Closing) as on 23.06.2020
Market closed in negative territory at 35,430.43 ( +519.11)
BACK ONCE AGAIN TO UPPER END OF RANGE NEAR MEDIUM TERM REVERSAL:TRAIL TILL IT REVERSES:
BULLS SHOULD BE CAUTIOUS & LIGHT & ALSO BOOK PROFIT AT CURRENT LEVELS : REVISING SHORT TERM REVERSAL LEVELS :
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market sharply bounced back & once again back to upper end of range near medium term reversal levels today. It cloed above preceding highs & made so far a high of 10484.70 levels on nifty & 35482.16 levels on sensex . One should watch out market behavior at these crucial levels of 61.8%retracement as well of preceding fall near short to medium term reversal levels as below. One should be stock specific & cautiously bullish at current levels of market. I am revising short term reversal levels today, as we are very close to medium term reversal levels as well. Therefore, making it both same to finally conclude overall trend.
It looks like LEADING OR ENDING (Preferred one is Ending till medium term is down) from overall wave count perspectives as per chart attached. And we are in last finishing wave- E in short term as per chart attached near upper end of range. Trader should book profit & be light on long position at current levels of market or hedge the portfolio till medium term reverses.
BANK NIFTY also showing sign of extension & surpassed the level of 22000 levels today. It has also reached near upper end of range as per chart attached. It’s relatively underperforming in this entire rally with compare to nifty & sensex. One should closely watch out bank nifty behavior in short term to get further clue on market. Either it will catch up fast or falter near upper end of range around 23000 levels as per chart attached. I am revising short term reversal levels on bank nifty. 23000 levels are now short term reversal levels, till it trades below it one can expect lower levels targets till 16000-15500 levels in short term. 26650 levels is crucial medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400/13200-10800 levels ( In case of Extreme panic) in medium term.
10000 & 10500 levels is crucial support & Resistance levels range respectively based on option open interest data for expiry perspectives for current month series. Any kind of pull back rally is stock specific selling opportunity as medium term trend is still down.
Momentum indicators Daily KST came in to BUY & Daily MACD are still in BUY indicating volatile short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. 10000 levels on nifty & 33855 levels on sensex is short term support zone , break of it will lead to sharp fall in market in short to medium term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY. 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 23.06.2020
Market closed in negative territory at 35,430.43 ( +519.11)BACK ONCE AGAIN TO UPPER END OF RANGE NEAR MEDIUM TERM REVERSAL:TRAIL TILL IT REVERSES:
BULLS SHOULD BE CAUTIOUS & LIGHT & ALSO BOOK PROFIT AT CURRENT LEVELS : REVISING SHORT TERM REVERSAL LEVELS :
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
It looks like LEADING OR ENDING (Preferred one is Ending till medium term is down) from overall wave count perspectives as per chart attached. And we are in last finishing wave- E in short term as per chart attached near upper end of range. Trader should book profit & be light on long position at current levels of market or hedge the portfolio till medium term reverses.
BANK NIFTY also showing sign of extension & surpassed the level of 22000 levels today. It has also reached near upper end of range as per chart attached. It’s relatively underperforming in this entire rally with compare to nifty & sensex. One should closely watch out bank nifty behavior in short term to get further clue on market. Either it will catch up fast or falter near upper end of range around 23000 levels as per chart attached. I am revising short term reversal levels on bank nifty. 23000 levels are now short term reversal levels, till it trades below it one can expect lower levels targets till 16000-15500 levels in short term. 26650 levels is crucial medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400/13200-10800 levels ( In case of Extreme panic) in medium term.
10000 & 10500 levels is crucial support & Resistance levels range respectively based on option open interest data for expiry perspectives for current month series. Any kind of pull back rally is stock specific selling opportunity as medium term trend is still down.
Momentum indicators Daily KST came in to BUY & Daily MACD are still in BUY indicating volatile short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. 10000 levels on nifty & 33855 levels on sensex is short term support zone , break of it will lead to sharp fall in market in short to medium term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY. 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 |
| 31800-29800-27500 |  | 36100 |
| Medium Term : | Trend | Reversal |
| 25500-22494-21200 | | 36100 |
| Short Term : | Trend | Reversal |
| 9500-8800-8000 | | 10691 |
| Medium Term : | Trend | Reversal |
| 7500-6800-6300 | | 10691 |