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

10000 & 10500 levels is strong support & resistance levels respectively based on option open interest data so far for expiry perspectives next week.

NIFTY      
CLOSE- 9998.05 (09.03.2018)

Market extended correction further as expected & closed 4 th consecutive week in negative territory. It has achieved first range of short term targets levels near recent lows as expected last week . It made a low of 9951.90 levels on nifty & 32,483.84 levels on Sensex so far in this correction. It has broken psychological support of 10000 levels on nifty One should expect market to trend towards second short term targets levels as mentioned below till it reverses.

It looks like extension in wave-C of (Y) from wave count