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The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

Market Outlook


FRIDAY, MAY 23, 2017


Market Outlook (Closing) as on 26.06.2017

Market closed in negative territory at 31,138.27 (-152.53 )

RESISTANCE FROM HIGHER LEVELS:

SHORT TERM REVERSAL LEVELS TO WATCHOUT FOR:

ANY KIND OF SHORT TERM CONSOLDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR MEDIUM TO LONG TERM PERCPECTIVES:


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Market failed to sustain at higher levels & once again came near short term term support/reversal levels at the end of weekly trading session.It made a high of 9698.85 levels on nifty & 31,522.87 levels during week. It closed weekly in positive territory.Its still looks like time wise correction in the form of bullish consolidation on main Index ( NIFTY & SENSEX) as per chart attached till short term reverses. One should strictly follow Short term trend till it reverses And use such kind of decline or consolidation to BUY stock specific from medium to long term perspectives.

BANK NIFTY also closed weekly in positive territory. It has strong support around 23000 levels as per chart attached till it holds one can expect higher levels targets till 27000 levels in short to medium term.

9500- 9700 levels in strong support & Resistance levels respectively on nifty based on derivative option open interest data for expiry perspectives next week. Close below short term reversal levels will only lead to price wise correction in market in short term. Therefore, Risk reward is favorable to BUY at current levels till short term reverses.

We have seen sharp selling pressure particularly in mid-cap & small cap Index & stocks in last 2 trading session. It still looks like medium term consolidation from wave count perspectives on these Index. And its indicating market is going to go to much more higher levels beyond anticipation in medium to long term. One should BUY quality stocks from these segments in this correction.

Momentum indicators Daily KST & daily MACD both are in SELL indicating weakness but one should wait for price reversal to conclude short term reversal till that one should be stock specific & follow the trend with trail stop loss levels till it reverses from trading perspectives. Close below short term reversal levels will lead to possible sharp correction till 9270/9000 levels on nifty & 29800/29200 levels on sensex in short term.


Momentum Perspective:

Weekly KST was in BUY, WEEKLY MACD came in to BUY on 27.01.2017. Market also closed above 20 WSMA & but below 40 WEMA on 20.01.2017. ALL the medium term indicators & Parameters are supporting to finally conclude medium term reversal with price reversal as well. One can expect market to trend towards higher levels till medium term reverses.

Conclusion:

Short Term Trend is UP & Medium term Trend is UP.

Trend



Short Term :TrendReversal
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Medium Term : Trend Reversal
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Short Term :TrendReversal
98509500
Medium Term : Trend Reversal
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