Market Outlook
THURSAY, APRIL 30, 2020
Market Outlook (Closing) as on 30.04.2020
Market closed in positive territory at 33717.62 (+ 997.46)
SHORT TERM TARGETS ACHIEVED: TRADER BOOK PROFIT & TRAIL TILL IT REVERSES:
NEAR RESISTANCE CLUSTER IN THIS PULL BACK RALLY:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
Market has achieved short term targets levels in this pull back rally near recent high. It made high of 33886.50 levels on sensex & 9889.05 levels on nifty so far in this pull back rally. It’s very important cluster of resistance levels as per chart attached. Trader should book profit at current levels. One should watch out market behavior at these crucial levels. Sustain above recent high will only lead to further extension of this pull back rally towards further higher levels towards 10150 targets towards in short term. One should be stock specific & trail till it reverses.
It looks like wave-IV or Wave-X as per wave counts as per chart attached. One should not be carried away as long term bottom has made in markets. Recent rally from bottom is typical bear market pull back rally. Medium to long term trend is still looks weak. Investor should be stock specific & exit in such kind of pullback rally till medium term bottom made in market.
Bank nifty has achieved almost short term targets levels near recent high in this pullback rally. It made a high of 21967 levels. Trader should book profit at current levels. It’s underperforming at current levels of market. It’s trading near very important resistance levels of 22500 levels. One should watch out its behavior at these crucial levels. 19500 are strong support/reversal levels for short term, below which we can see sharp fall towards 16000-15500 levels in short term. 26650 levels is crucial 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 30.04.2020
Market closed in positive territory at 33717.62 (+ 997.46)SHORT TERM TARGETS ACHIEVED: TRADER BOOK PROFIT & TRAIL TILL IT REVERSES:
NEAR RESISTANCE CLUSTER IN THIS PULL BACK RALLY:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
WAVE-II BEAR MARKET CORRECTION: EXIT IN PULL BACK RALLY TILL MEDIUM TERM REVERSES:
It looks like wave-IV or Wave-X as per wave counts as per chart attached. One should not be carried away as long term bottom has made in markets. Recent rally from bottom is typical bear market pull back rally. Medium to long term trend is still looks weak. Investor should be stock specific & exit in such kind of pullback rally till medium term bottom made in market.
Bank nifty has achieved almost short term targets levels near recent high in this pullback rally. It made a high of 21967 levels. Trader should book profit at current levels. It’s underperforming at current levels of market. It’s trading near very important resistance levels of 22500 levels. One should watch out its behavior at these crucial levels. 19500 are strong support/reversal levels for short term, below which we can see sharp fall towards 16000-15500 levels in short term. 26650 levels is crucial 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 |  | 31126 |
| Medium Term : | Trend | Reversal |
| 22494-21200 |  | 39563 |
| Short Term : | Trend | Reversal |
| 9380-9630-9720 | | 9038 |
| Medium Term : | Trend | Reversal |
| 6800-6300 | | 11598 |