Business Standard

Short-term outlook for the market remains positive: Devang Shah

The short-term outlook for the market remains positive till Nifty trades above 10,583 levels and expecting targets in the range of 11,550-11,600 levels in short term, says Devang Shah.

Devang Shah  |  Mumbai 

Representative image
Representative image

CLOSE- 11054.10 (07.02.2019)

The finally broke out of the last 2 months consolidation on the upside. showing impulsive structure from recent lows. One can expect the to trend towards higher as mentioned below till it reverses. Any kind of decline or consolidation is buying opportunity till short term reverses.

It looks like the beginning of wave-III of 5 from overall wave count perspectives. ( Midcap/Smallcap) is still underperforming at current of the market. It has to participate in this rally now & these divergences between main indices & are going to end soon. One should closely watch out the at these crucial of the market. is favourable to BUY specific at current levels of the market.

The for the market remains positive till trades above 10,583 levels and expecting in the of 11,550-11,600 levels in short term. Medium term for the market remains positive till Nifty trades above 9,951 levels and expecting in the of 12,500-12,800 levels in the medium term.

also at the verge of breaking out short term consolidation range on the upside. It also looks like the beginning of wave-III of 5 from overall wave count perspectives. 26,500 level is strong support on bank nifty, till it holds one can expect higher levels target1-28,700/28,800 & target2-29,500 levels in short term. 23,600 level is strong support for perspectives, till it holds, One can expect higher levels targets in the range of 30,000-32,000 levels on perspectives

10,700 & 11,500 levels are 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 specific opportunity for medium to long term Investment perspectives till medium term reverses.

Momentum indicators & both came in to BUY supporting short term view. One should be specific & follow the trend with trail stop loss levels till it reverses. is favourable to BUY at current levels of the market. Close below short term reversal levels will lead to sharp correction till 10,300 levels on nifty & 34,400 levels on Sensex in short term.


Devang Shah: The author of www.trendtechno.com (Trade with Trend) and an independent market analyst.

Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.

First Published: Fri, February 08 2019. 07:52 IST
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