Market Outlook
MONDAY, NOVEMBER 07, 2022
Market Outlook (Closing) as on 07.11.2022
Market closed in positive territory at 61185.15 (+234.79)
FIRST SHORT TERM TARGETS ACHIEVED:
EXTENDING TOWARDS HIGHER LEVELS TARGETSIN SHORT TERM: TRAIL TILL IT REVERSES:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
Market extending slow & steady towards higher levels targets as expected earlier. It has achieved my first short term targets levels. It made a high of 18255.50 levels on nifty & 61362 levels on sensex so far in this rally in short term. It looks like extension case for further higher levels as mentioned below targets in short to medium term. Any kind of short term correction or consolidation is stock specific buying opportunity till short term reverses. One should follow a trend till it reverses.
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It’s also extending slow & steady towards higher levels targets. Short term trend remains up till it trades above 39600 levels & Expecting targets of around of 43700 levels in near term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached. One should buy stock specific or Index from medium term perspectives till it reverses.
18000-18600 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will going to take a momentum once it will taken out ALL TIME HIGH LEVELS.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Break of this short term support levels will lead to sharp selloff till 17200-16800 levels on nifty & 57600/56683 levels on sensex in short term. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 07.11.2022
Market closed in positive territory at 61185.15 (+234.79)FIRST SHORT TERM TARGETS ACHIEVED:
EXTENDING TOWARDS HIGHER LEVELS TARGETSIN SHORT TERM: TRAIL TILL IT REVERSES:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It’s also extending slow & steady towards higher levels targets. Short term trend remains up till it trades above 39600 levels & Expecting targets of around of 43700 levels in near term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached. One should buy stock specific or Index from medium term perspectives till it reverses.
18000-18600 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will going to take a momentum once it will taken out ALL TIME HIGH LEVELS.
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. Break of this short term support levels will lead to sharp selloff till 17200-16800 levels on nifty & 57600/56683 levels on sensex in short term. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 62600 |  | 59000 |
| Medium Term : | Trend | Reversal |
| 68000 | | 56147 |
| Short Term : | Trend | Reversal |
| 18600 | | 17550 |
| Medium Term : | Trend | Reversal |
| 20400 | | 16747 |