Market Outlook
FRIDAY, DeCEMBER 28, 2018
Market Outlook (Closing) as on 28.12.2018
Market closed in positive territory at 36,076.72 (+ 269.44)
SHARP RECOVERY FROM LOWER END SUPPORT RANGE WITH WEEKLY POSITIVE CLOSE: TRAIL TILL IT REVERSES:
UPPER END OF RANGE BREAKOUT TO WATCHOUT FOR SHORT TERM TREND:
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 positive territory. It managed to hold lower end support levels & sharply recovered from these levels. It made a low of 10534.55 levels & 35010.82 levels on sensex during the week. Its once again closed near upper end of range at the end of weekly trading session as per chart attached. One should watchout market behavior near this crucial levels. Able to break this rnage on upside will finally confirm trend towards higher levels targets as metioned below in short term.
Short term wave count is still not conclusive or keep on verying but overall medium term wave counts is indicating on going correction is buying opporunity from medium to long term perspectives. We have seen begining of broader market ( Midcap/Small cap indices) partcipation this week as well. It closed weekly in positive territory & remained outperformer during the week. Its good sign at current levels of market for medium to long term trend of the market as mentioned last week. Risk reward is favourable to BUY stock specific at current levels 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. One should closely watchout upper end of range at current level of market for further confirmation of the same.
BANK NIFTY also closed weekly in positive territory. It managed to hold lower end support levels & sharply recovered at the end of tradign session. It made a low of 26439.60 levels during the week. Its once again closed near upper end of range at the end of weekly trading session as per chart attached. One should watchout its behavior near this crucial levels. Able to break this range on upside will finally confirm trend towards higher levels targets till 28500 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 volatile trend in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close or sustain below short term reversal levels will lead to correction till 10400/10200 levels on nifty & 34672/34000 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 UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 28.12.2018
Market closed in positive territory at 36,076.72 (+ 269.44)SHARP RECOVERY FROM LOWER END SUPPORT RANGE WITH WEEKLY POSITIVE CLOSE: TRAIL TILL IT REVERSES:
UPPER END OF RANGE BREAKOUT TO WATCHOUT FOR SHORT TERM TREND:
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 still not conclusive or keep on verying but overall medium term wave counts is indicating on going correction is buying opporunity from medium to long term perspectives. We have seen begining of broader market ( Midcap/Small cap indices) partcipation this week as well. It closed weekly in positive territory & remained outperformer during the week. Its good sign at current levels of market for medium to long term trend of the market as mentioned last week. Risk reward is favourable to BUY stock specific at current levels 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. One should closely watchout upper end of range at current level of market for further confirmation of the same.
BANK NIFTY also closed weekly in positive territory. It managed to hold lower end support levels & sharply recovered at the end of tradign session. It made a low of 26439.60 levels during the week. Its once again closed near upper end of range at the end of weekly trading session as per chart attached. One should watchout its behavior near this crucial levels. Able to break this range on upside will finally confirm trend towards higher levels targets till 28500 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 volatile trend in short term . One should be stock specific & follow the trend with trail stop loss levels till it reverses. Close or sustain below short term reversal levels will lead to correction till 10400/10200 levels on nifty & 34672/34000 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 UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 36800-37650 |  | 34426 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 11000-11300 | | 10333 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |