Market Outlook
FRIDAY, AUGUST 23, 2019
Market Outlook (Closing) as on 23.08.2019
Market closed in Positive territory at 36,701.16 (+228.23)
SHORT TERM TARGETS ACHIEVED WITH DAILY POSITIVE CLOSE :CRUCIAL SHORT TERM SUPPPORT TO WATCH OUT FOR
CONCLUDING SHORT TERM REVERSAL: TRAIL TILL IT REVERSES:
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 closed weekly in negative territory. It has achieved my short term taregts levels near recent lows. It made a low of 10637.20 levels on nifty & 36107.43 levels on sensex today. It looks like possiblity of pull back rally from current levels in short term till lower support/Reversal levels holds. One should Buy Stock pecific for trading perspectives.
It looks like ABC Correction from short term wave count perspective & one can expect pull back rally till short term reverses. Over all wave counts is still not conclusive at current levels of market but still these correction is buying opportunity from medium term to long term perspectives.
BANK NIFTY achieved my short term targets levels near recent lows. It made a low of 26615.60 levels today. It also looks like ABC Correction on bank nifty from wave count perspectives. One can expect short term pull back rally till 28600 levels in short term till recent lows holds. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 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 stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in BUY supporting short term trend of market . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close below short term reversal levels will lead to further sharp fall till 10300-10400 levels on nifty & 35200-34400 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but 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 23.08.2019
Market closed in Positive territory at 36,701.16 (+228.23)SHORT TERM TARGETS ACHIEVED WITH DAILY POSITIVE CLOSE :CRUCIAL SHORT TERM SUPPPORT TO WATCH OUT FOR
CONCLUDING SHORT TERM REVERSAL: TRAIL TILL IT REVERSES:
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 ABC Correction from short term wave count perspective & one can expect pull back rally till short term reverses. Over all wave counts is still not conclusive at current levels of market but still these correction is buying opportunity from medium term to long term perspectives.
BANK NIFTY achieved my short term targets levels near recent lows. It made a low of 26615.60 levels today. It also looks like ABC Correction on bank nifty from wave count perspectives. One can expect short term pull back rally till 28600 levels in short term till recent lows holds. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
10500 & 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 stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in BUY supporting short term trend of market . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close below short term reversal levels will lead to further sharp fall till 10300-10400 levels on nifty & 35200-34400 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL & market is closed below 20WESM & 40 WEMA. ALL Medium term momentum indicators are in SELL indicating weakness but Investor should follow trend till medium term reverses.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 37700-38600 |  | 35287 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 11200-11400 | | 10534 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |