Market Outlook
FRIDAY, SEPTEMBER 23, 2022
Market Outlook (Closing) as on 23.09.2022
Market closed in negative territory at 58,098.92 (-1020.80)
WAVE-II SHORT TERM CORRECTION: TRAIL TILL IT REVESES:
MARKET TO REMAIN IN CORRECTIVE MODE WITH HIGH VOLATALITY IN SHORT T ERM:
DERIATIVE DATA INDICATING BEARISH SET UP IN SHORT TERM WITH CAUTION:
CONCLUDING MEDIUM TERM REVERSAL: THIS CORRECTION IS VERY GOOD STOCK SPECIFIC BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
US MARKET IS AT VERGE OF CLIMAX TARGETS ZONE WAVE-Z OF MEDIUM TERM (WXYXZ) CORRECTIVE PHASE:
USD/INR & DXY ALSO NEAR FINAL MEDIUM TERM TARGET ZONE:
Market closed weekly in negative territory. It has broken short term support of 17400 levels & 58487 levels. It looks like wave-II correction in short term as per chart attached. One can expect market to trend towards lower levels targets in short term. Market will be in corrective mode with high volatility in short term ahead of expiry next week. Derivative data too indicating bearish set up in short term. Trader should be stock specific & light in this correction till it reverses.
It looks like Wave-II correction after recent rally from July 2022 bottom as per wave counts chart attached. It looks like impulsive rise from July 2022 lows. India will continue to outperform world markets in short term. US Markets is at the verge of climax targets zone of medium term corrective phase. If it managed to hold this crucial support zone, then we may see sharp reversal from here on in coming days.one should closely watch out US Market behavior near these climax targets levels of final wave-Z of (WXYXZ) correction. And USD/INR & DXY both looks near final medium term targets levels. These all evidences supporting & sufficient enough to conclude end of medium term correction in Indian equity markets since October 2021. Therefore, this correction is a buying opportunity for long term Investment perspectives.
Bank nifty is outperforming at current levels & continues to outperform from medium term perspectives. It also looks like wave-II corrective phase in short term. It closed weekly in negative territory. Short term trend remains down till Bank nifty trades below 41160 levels. One can expect targets of around 37900/38000 levels in short term. 34450 are crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term. One should buy stock specific or Index from medium term perspectives till it reverses.
17000-16800/17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data indicating bearish set up in short term with caution. Market will remain volatile with corrective mode in next week ahead of expiry.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 23.09.2022
Market closed in negative territory at 58,098.92 (-1020.80)WAVE-II SHORT TERM CORRECTION: TRAIL TILL IT REVESES:
MARKET TO REMAIN IN CORRECTIVE MODE WITH HIGH VOLATALITY IN SHORT T ERM:
DERIATIVE DATA INDICATING BEARISH SET UP IN SHORT TERM WITH CAUTION:
CONCLUDING MEDIUM TERM REVERSAL: THIS CORRECTION IS VERY GOOD STOCK SPECIFIC BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
US MARKET IS AT VERGE OF CLIMAX TARGETS ZONE WAVE-Z OF MEDIUM TERM (WXYXZ) CORRECTIVE PHASE:
USD/INR & DXY ALSO NEAR FINAL MEDIUM TERM TARGET ZONE:
It looks like Wave-II correction after recent rally from July 2022 bottom as per wave counts chart attached. It looks like impulsive rise from July 2022 lows. India will continue to outperform world markets in short term. US Markets is at the verge of climax targets zone of medium term corrective phase. If it managed to hold this crucial support zone, then we may see sharp reversal from here on in coming days.one should closely watch out US Market behavior near these climax targets levels of final wave-Z of (WXYXZ) correction. And USD/INR & DXY both looks near final medium term targets levels. These all evidences supporting & sufficient enough to conclude end of medium term correction in Indian equity markets since October 2021. Therefore, this correction is a buying opportunity for long term Investment perspectives.
Bank nifty is outperforming at current levels & continues to outperform from medium term perspectives. It also looks like wave-II corrective phase in short term. It closed weekly in negative territory. Short term trend remains down till Bank nifty trades below 41160 levels. One can expect targets of around 37900/38000 levels in short term. 34450 are crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term. One should buy stock specific or Index from medium term perspectives till it reverses.
17000-16800/17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Derivatives data indicating bearish set up in short term with caution. Market will remain volatile with corrective mode in next week ahead of expiry.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 57360/56430 |  | 59800 |
| Medium Term : | Trend | Reversal |
| 68000 |  | 53160 |
| Short Term : | Trend | Reversal |
| 17150/16800 | | 17840 |
| Medium Term : | Trend | Reversal |
| 20400 | | 15850 |