Market Outlook
MONDAY, APRIL 27, 2020
Market Outlook (Closing) as on 27.04.2020
Market closed in positive territory at 31,743.08 (+ 415.86)
FIRST SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
NEAR UPPER END OF RANGE IN THIS PULL BACK RALLY:
CONSOLIDATE IN RANGE FOR SHORT TERM:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market has achieved first short term targets levels in this pullback rally. It made a high of 9390.85 levels on nifty & 32103.15 levels. It’s consolidating in narrow range from last couple of trading session. It’s trading near upper end of range. One should watch out market behavior at these crucial levels. Break above 9400 levels will lead to further extension of this pullback rally towards higher levels targets as mentioned below in short term. Trader should strictly follow trend with proper risk management.
From wave count perspectives, It can be either wave-X or wave-iv pullback rally. It’s still not conclusive as of now about short term wave counts. But one can expect it to retrace in the range of 38.2%-50% till short term reverses. 20 DMA on nifty/sensex also are crucial support levels for short term.
NIFTY BANK also consolidating in narrow range for short term. It also looks like either wave-X or wave-IV kind of pullback rally in short term. One can expect 22500 levels targets in this pullback rally till it trades above 18482 levels in short term. In other possibility, it may consolidate in broad range of 21000-17000 levels on bank nifty in short term. 26650 levels is crucial resistance & medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400-13200 levels in medium term.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close & sustain below short term reversal levels will lead to sharp fall towards further lower levels targets 7500-7400 levels on nifty & 25500-25000 levels in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.
Conclusion:
Short Term Trend is UP & Medium term Trend is DOWN.
Trend
Market Outlook (Closing) as on 27.04.2020
Market closed in positive territory at 31,743.08 (+ 415.86)FIRST SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
NEAR UPPER END OF RANGE IN THIS PULL BACK RALLY:
CONSOLIDATE IN RANGE FOR SHORT TERM:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
From wave count perspectives, It can be either wave-X or wave-iv pullback rally. It’s still not conclusive as of now about short term wave counts. But one can expect it to retrace in the range of 38.2%-50% till short term reverses. 20 DMA on nifty/sensex also are crucial support levels for short term.
NIFTY BANK also consolidating in narrow range for short term. It also looks like either wave-X or wave-IV kind of pullback rally in short term. One can expect 22500 levels targets in this pullback rally till it trades above 18482 levels in short term. In other possibility, it may consolidate in broad range of 21000-17000 levels on bank nifty in short term. 26650 levels is crucial resistance & medium term reversal levels for bank nifty, till it holds one can expect lower levels targets till 13400-13200 levels in medium term.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close & sustain below short term reversal levels will lead to sharp fall towards further lower levels targets 7500-7400 levels on nifty & 25500-25000 levels in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in SELL. Market is closed below 20WESM & 40 WEMA. Majority of indicators with Price has confirmed medium term reversal.Conclusion:
Short Term Trend is UP & Medium term Trend is DOWN.
Trend
| Short Term : | Trend | Reversal |
| 33100-33300 |  | 29602 |
| Medium Term : | Trend | Reversal |
| 22494-21200 |  | 39563 |
| Short Term : | Trend | Reversal |
| 9380-9630-9720 | | 8653 |
| Medium Term : | Trend | Reversal |
| 6800-6300 | | 11598 |