Market Outlook
MONDAY, JANUARY 28, 2019
Market Outlook (Closing) as on 28.01.2019
Market closed in negative territory at 35,656.70 (-368.84)
BROKEN DOWN FROM CONSOLIDATION RANGE:
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 last week. It has broken down from consolidation range on down side & finally confirmed short term reversal as per chart attached. It made a low of 10630.95 levels today. One can expect market to trend towards lower levels targets as mentioned below till it reverses.
Short term wave count is not conclusive or keep on verying but overall medium term wave counts is still indicating on going correction is buying opporunity from medium to long term perspectives. We have seen sharp sell off particularly in broader market in recent trading session. Its underperforming at curret levels of market & diverging from main indices ( NIFTY/SENSEX/BANK NIFY) from very long period of time. These divergence has to end now in coming trading session for overall medium to long term trend of market. It may further remain in broad range between 10000-11000 levels on nifty for some more time in short term before giving breakout on upside.
BANK NIFTY has broken down from consolidation range on down side & finally confirmed short term reversal. One should expect lower levels targets till 26400-25700 levels till it trades below 27675 levels in short term. 23600 levels is strong support on bank nifty from medium term perspectives till it holds one can expect higher levels targets in the range of 30000-32000 levels in medium term.
10500 & 11000/11200 levels is strong support & resistance levels respectively based on option open interest data for current month series. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in sell indicating Weakness in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close or sustain above short term reversal levels will finally confrim rally towards 11300 levels on nifty & 36800-37650 levels on sensex in short term.
Momentum Perspective:
Weekly KST came in to BUY & closed above 20WESM but WEEKLY MACD are still in SELL & closed below 40 WEMA. One should watchout price reversal to finally conclude medium term reversal.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 28.01.2019
Market closed in negative territory at 35,656.70 (-368.84)BROKEN DOWN FROM CONSOLIDATION RANGE:
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:
Short term wave count is not conclusive or keep on verying but overall medium term wave counts is still indicating on going correction is buying opporunity from medium to long term perspectives. We have seen sharp sell off particularly in broader market in recent trading session. Its underperforming at curret levels of market & diverging from main indices ( NIFTY/SENSEX/BANK NIFY) from very long period of time. These divergence has to end now in coming trading session for overall medium to long term trend of market. It may further remain in broad range between 10000-11000 levels on nifty for some more time in short term before giving breakout on upside.
BANK NIFTY has broken down from consolidation range on down side & finally confirmed short term reversal. One should expect lower levels targets till 26400-25700 levels till it trades below 27675 levels in short term. 23600 levels is strong support on bank nifty from medium term perspectives till it holds one can expect higher levels targets in the range of 30000-32000 levels in medium term.
10500 & 11000/11200 levels is strong support & resistance levels respectively based on option open interest data for current month series. Any kind of such short term correction or consolidation is buying stock specific opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in sell indicating Weakness in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close or sustain above short term reversal levels will finally confrim rally towards 11300 levels on nifty & 36800-37650 levels on sensex in short term.
Momentum Perspective:
Weekly KST came in to BUY & closed above 20WESM but WEEKLY MACD are still in SELL & closed below 40 WEMA. One should watchout price reversal to finally conclude medium term reversal.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 35000-34400 |  | 36701 |
| Medium Term : | Trend | Reversal |
| 42500-43000 |  | 32483 |
| Short Term : | Trend | Reversal |
| 10500-10300 | | 10987 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |