Market Outlook
FRIDAY, MARCH 28, 2018
Market Outlook (Closing) as on 28.03.2018
Market closed in negative territory at 32,968.68 (- 205.71)
PULL BACK RALLY OR END OF SHORT TERM CORRECTION???:
TRAIL TILL IT REVERSES:
SHARP PULL BACK AFTER ACHIEVING FIRST SHORT TERM TARGETS LEVELS WITH WEEKLY POSITIVE CLOSE: REVISING SHORT TERM REVERSAL LEVELS:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
Makret sharply bounced back from lower levels in this truncated week after achiving first short term targets levels. It closed weekly in positve territory. It made a low of 9951.90 levels on nifty & 32,483.84 levels on sensex so far in this correction. It has retraced almost 38.2% in this correction near recent lows as per daily chart attached. One should follow trend till it reverses or get any kind of confimration further to finally colude end of short term correction.
It looks like wave-X pull back rally as preferred wave count so far as per daily chart attached in short term. And one more final leg of Wave-Z correction is still pending towards second short term taregts levels as metioned below. 10300-10350 range on nifty looks strong resistance levels for short term. It may remain is thin range of 10000-10350 levels on nifty before deceisive trend at either of side in short term.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in positive territory. It has also sharply bounced back after achieving first short term targets levels. It also looks like wave-X Pull back rally as preferred wave count so far as per chart attached in short term. And one more final leg of Wave-Z correction is still pending towards second short term taregts levels in the range of 23440-23100 levels till short term reverses. 25090 levels is crucial resistnace & reversal levels for short term.
10000 & 10500 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD both came in to BUY indicating volatality to remain in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.
Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 28.03.2018
Market closed in negative territory at 32,968.68 (- 205.71)PULL BACK RALLY OR END OF SHORT TERM CORRECTION???:
TRAIL TILL IT REVERSES:SHARP PULL BACK AFTER ACHIEVING FIRST SHORT TERM TARGETS LEVELS WITH WEEKLY POSITIVE CLOSE: REVISING SHORT TERM REVERSAL LEVELS:
ANY KIND OF SHORT TERM CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM INVESTMENT PERSPECTIVES:
It looks like wave-X pull back rally as preferred wave count so far as per daily chart attached in short term. And one more final leg of Wave-Z correction is still pending towards second short term taregts levels as metioned below. 10300-10350 range on nifty looks strong resistance levels for short term. It may remain is thin range of 10000-10350 levels on nifty before deceisive trend at either of side in short term.
It looks like TIME wise wave-IV correction & will last it at least till March end before final wave-V UP begins as per my expectation.Any kind of such short term correction or consolidation is buying opportunity for medium to long term Investment perspectives till medium term reverses.
BANK NIFTY also closed weekly in positive territory. It has also sharply bounced back after achieving first short term targets levels. It also looks like wave-X Pull back rally as preferred wave count so far as per chart attached in short term. And one more final leg of Wave-Z correction is still pending towards second short term taregts levels in the range of 23440-23100 levels till short term reverses. 25090 levels is crucial resistnace & reversal levels for short term.
10000 & 10500 levels is strong support & resistance levels range respectively based on option open interest data so far for next month series. Market will remain very volatile in this corrective phase.
Momentum indicators Daily KST & daily MACD both came in to BUY indicating volatality to remain in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close above short term reversal levels will finally confirm further rally towards medium term higher levels targets.
Momentum Perspective:
Weekly KST & WEEKLY MACD both went in to SELL & also closed below 20 WSMA. Its trading above 40 WEMA . Medium term Parameters are showing weakness but one need to watch out price confirmation to conclude medium term reversal till that One can expect market to trend towards higher level targets in medium term. Any kind of short term correction or consolidation in buying opportunity for medium to long term Investment perspectives till it reverses.Conclusion:
Short Term Trend is DOWN & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 32500/31800-31500 |  | 34078 |
| Medium Term : | Trend | Reversal |
| 38200-38500 |  | 29077 |
| Short Term : | Trend | Reversal |
| 9925-9870/9700 | | 10479 |
| Medium Term : | Trend | Reversal |
| 12000-12200 | | 8968 |