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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 26, 2017


Market Outlook (Closing) as on 26.05.2017

Market closed in positive territory at 31,028.21 (+ 278.18)

END OF SHORT TERM MERE PANIC IN MIDCAP & SMALL CAP INDICES:

WAVE-III RALLY TO CONTINUE FURTHER TOWARDS SHORT TERM TO MEDIUM TERM HIGHER LEVELS TAREGTS LEVELS: TRAIL TILL IT REVERSES:

BULLS IS GOING TO DOMINATE FURHTER TILL ATLEAST JUNE-2017 QUARTER END AS PER TIME CYCLE ANALYSIS:

LARGE CAP & MAIN INDICES-NIFTY/SENSEX WILL TAKE LEAD IN RALLY FURTHER & MIDCAP & SMALL CAP WILL CATCH THEM SOON:

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


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 Market sharply taken “V” turn from lower levels as expected as per view & closed very strongly at higher levels at the end of weekly trading session. It closed 3rd consecutive week in positive territory. It made low of 9341.65 levels on nifty & 30,247.60 levels in sensex this week. We have seen sharp profit booking esp. in midcap & small cap stocks in this week but we have seen just TIME WISE CONSOLDATION in main indices such as NIFTY/SENSEX & BANK NIFTY during this week, it’s very good sign supporting over all view. And I strongly believe that Midcap & Small cap Indices also completed their short term correction in such mere panic scenario this week. We will continue to see market to trend towards higher levels targets as mentioned below in short to medium term.

 As mentioned in my earlier out look that “TOP never forms with first unwinding in broader market so we are still away from Major TOP & expecting rally to continue further one sided towards short to medium term targets levels till trend reverses. It was just mere Panic in broader market or change in hand in stocks with profit booking by trader. Although we are going to see large cap indices to lead further in rally from here on & mid cap & small cap indices is going to catch them soon.

 From Time cycle perspectives, it looks like the rally which started from beginning of Jan quarter-2017 is going to continue till at least June quarter-2017 as per quarterly analysis chart attached. So BULLS WILL STILL DOMIANTE FOR ENTIRE JUNE MONTH as per this analysis & Nifty will not go below 9200 levels & we are going to see higher levels target as mentioned below in short to medium term. Any decline or short term consolidation is buying opportunity for short to medium term perspectives till trend reverses.

 BANK NIFTY also started to extend further after end of short term consolidation. It made a low of 22460 levels. 21380 is strong support on BANK NIFTY as per chart attached till it holds one can expect higher levels taregt1-23500 & target2-25200 levels in short term. One can expect overall targets of 27200 levels in medium term.


 Reiterating same thing once again that, DOW THEORY is the only simple tool to help to ride such kind extended BULL MAKRET rally. It worked well in past as well as per chart attached particularly in unchartered territory. Therefore, not to expect major correction in short term till DOW THEORY supports hold. We may possibly extend more for couple of months till medium term targets levels without any major correction in such kind of liquidly driven extended BULL MARKET RALLY beyond fundamentals.

 9200- 9700 levels in strong support & Resistance levels respectively on nifty based on derivative option open interest data for current month series. Any kind of short term correction or consolidation in buying opportunity for medium to long term investor. One can expect higher levels targets in medium to long term.

 Momentum indicators Daily KST & daily MACD both are in BUY supporting short term view. 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 9075/9000 levels on nifty & 29259/29137 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
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Medium Term : Trend Reversal
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