Market Outlook
MONDAY, FEBRUARY 28, 2022
Market Outlook (Closing) as on 28.02.2022
Market closed in Positive territory at 56247.28 (+388.76)
SECOND SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
SHORT TERM TRADING BECOMES TOUGH DUE TO HIGH VOLATALIY AND WIDER STOP LOSS LEVELS:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
BEGINNING OF SHORT TO MEDIUM TERM CORRECTION AFTER END OF FIRST PAHSE OF BULL MARKET RALLY STARTED AFTER COVID PANDEMIC FALL: TRAIL TILL IT REVERSES:
GLOBAL MARKETS ARE ENTERING IN CORRECTION MODE FROM MEDIUM TERM PERSPECTIVES:
BEGINNING OF WAVE-II CORRECTION AFTER SHARP BULL MARKET RISE SINCE MARCH2020:
Market broken consolidation range on down side. It has remained range bound with high volatility in entire February month. It has almost achieved my second short term targets levels near recent lows. It made a low of 16203 levels on nifty & 54383.20 levels on sensex. It looks like Wave-X Pull back rally & wave-Z fall towards third short term targets levels is pending till short term reverses. One should sell or exit in any kind of pull back rally & follow trend till it reverses.
It looks like beginning of wave-II correction after 2 year rally from bottom of March 2020. Although short term wave counts are not conclusive but it looks like wave-X Pull back rally & Wave-Z fall towards lower levels targets till short term reverses.
Bank nifty also in corrective mode. It made a low of 34991.35 levels so far in this correction. Short term trend remains down till it trades below 37775 levels & expect targets of 34000 levels in short term. 39200 levels are medium term reversal levels, till it holds one can expect lower levels targets till 30400-29600 levels.
16500 & 17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Market will be volatile ahead of FED MEET in mid of march & Geopolitical Tension in short term. We have seen first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Derivative futures data indicating FII are buying in stock futures & selling in cash market so we may see high volatility in short term.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. The current upward rally of last 2 years was global driven so now correction will be also be global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed below 20WESM but still above 40 WEMA. Majority of indicators are pointing medium term reversal.
Conclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
Market Outlook (Closing) as on 28.02.2022
Market closed in Positive territory at 56247.28 (+388.76)SECOND SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
SHORT TERM TRADING BECOMES TOUGH DUE TO HIGH VOLATALIY AND WIDER STOP LOSS LEVELS:
ANY KIND OF PULL BACK IS SELLING AND EXITING OPPORTUNITY:
BEGINNING OF SHORT TO MEDIUM TERM CORRECTION AFTER END OF FIRST PAHSE OF BULL MARKET RALLY STARTED AFTER COVID PANDEMIC FALL: TRAIL TILL IT REVERSES:
GLOBAL MARKETS ARE ENTERING IN CORRECTION MODE FROM MEDIUM TERM PERSPECTIVES:
BEGINNING OF WAVE-II CORRECTION AFTER SHARP BULL MARKET RISE SINCE MARCH2020:
It looks like beginning of wave-II correction after 2 year rally from bottom of March 2020. Although short term wave counts are not conclusive but it looks like wave-X Pull back rally & Wave-Z fall towards lower levels targets till short term reverses.
Bank nifty also in corrective mode. It made a low of 34991.35 levels so far in this correction. Short term trend remains down till it trades below 37775 levels & expect targets of 34000 levels in short term. 39200 levels are medium term reversal levels, till it holds one can expect lower levels targets till 30400-29600 levels.
16500 & 17000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Market will be volatile ahead of FED MEET in mid of march & Geopolitical Tension in short term. We have seen first phase of Bull market after March 2020 across the Globe including India so any kind of Global Correction will also affect Indian Market as well.
Derivative futures data indicating FII are buying in stock futures & selling in cash market so we may see high volatility in short term.
Momentum indicators Daily KST & Daily MACD both are in SELL supporting short term trend. The current upward rally of last 2 years was global driven so now correction will be also be global driven. One should closely watch out Global Markets from medium term perspectives. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. Market is still closed below 20WESM but still above 40 WEMA. Majority of indicators are pointing medium term reversal.Conclusion:
Short Term Trend is Down & Medium term Trend is Down
Trend
| Short Term : | Trend | Reversal |
| 54500-52500 |  | 57734 |
| Medium Term : | Trend | Reversal |
| 47400-46100 | | 60045 |
| Short Term : | Trend | Reversal |
| 15900-15450 | | 17220 |
| Medium Term : | Trend | Reversal |
| 14100-13800 | | 17950 |