Market Outlook
FRIDAY, NOVEMBER 12, 2021
Market Outlook (Closing) as on 12.11.2021
Market closed in Positive territory at 60,686.69 (+767)
CONCLUDING ENDS OF WAVE-IV SHORT TERM CORRECTION:
BEGINNING OF FINAL WAVE-V UP RALLY TOWARDS HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM:
HEAVY RETAIL NET LONG STOCK FUTURES OPEN INTEREST POSITION WILL CREATE HIGH STOCK SPECIFIC VOLATALITY IN SHORT TERM:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
: BE LIGHT & LESS LEVERAGE AT THESE LEVELS OF MARKET.
Market confirmed end of short term wave-IV correction as expected. It looks like beginning of final wave-V UP rally towards higher levels targets as mentioned below in short to medium term till it reverses. One should be very stock specific, Less Leveraged & keep periodic profit booking & Risk Management discipline in this phase of rally in market.
It looks like we are in Final wave-(v) of V of 5 rally towards final higher levels targets as mentioned below in short to medium term as per chart attached.
BANK NIFTY Corrected sharply in this wave-IV correction. It made a low of 38171.05 levels. It’s underperforming at current levels of market. One can also expect catch up rally to happen in bank nifty in short term. There is also Wave-V up pending in bank nifty as per chart attached till it reverses. 36950 is strong support/Reversal levels for bank nifty for short to medium term perspectives till it holds one can also expect one last push towards higher levels targets in the range of 40000-42000 levels in short to medium term.
17800 & 18500/18800 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Retail open interest position net long in stock futures so far is at very high levels that will cause high stock specific volatility in market in short term. So be stock specific & Keep periodic profit booking at current levels of market.
Momentum indicators Daily KST came in to BUY but Daily MACD are still in SELL create volatility in short term. Close below short term reversal levels will lead to sharp fall towards 17600/17300 levels on nifty & 58500/58000 levels on sensex in short term. One should strictly follow trend & be very stock specific at this phase of rally in market.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in BUY. Market is still closed above 20WESM & 40 WEMA. One should wait for price reversal to finally conclude medium term reversal.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 12.11.2021
Market closed in Positive territory at 60,686.69 (+767)CONCLUDING ENDS OF WAVE-IV SHORT TERM CORRECTION:
BEGINNING OF FINAL WAVE-V UP RALLY TOWARDS HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM:
HEAVY RETAIL NET LONG STOCK FUTURES OPEN INTEREST POSITION WILL CREATE HIGH STOCK SPECIFIC VOLATALITY IN SHORT TERM:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
: BE LIGHT & LESS LEVERAGE AT THESE LEVELS OF MARKET.
It looks like we are in Final wave-(v) of V of 5 rally towards final higher levels targets as mentioned below in short to medium term as per chart attached.
BANK NIFTY Corrected sharply in this wave-IV correction. It made a low of 38171.05 levels. It’s underperforming at current levels of market. One can also expect catch up rally to happen in bank nifty in short term. There is also Wave-V up pending in bank nifty as per chart attached till it reverses. 36950 is strong support/Reversal levels for bank nifty for short to medium term perspectives till it holds one can also expect one last push towards higher levels targets in the range of 40000-42000 levels in short to medium term.
17800 & 18500/18800 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. Retail open interest position net long in stock futures so far is at very high levels that will cause high stock specific volatility in market in short term. So be stock specific & Keep periodic profit booking at current levels of market.
Momentum indicators Daily KST came in to BUY but Daily MACD are still in SELL create volatility in short term. Close below short term reversal levels will lead to sharp fall towards 17600/17300 levels on nifty & 58500/58000 levels on sensex in short term. One should strictly follow trend & be very stock specific at this phase of rally in market.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in BUY. Market is still closed above 20WESM & 40 WEMA. One should wait for price reversal to finally conclude medium term reversal.Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 62245 |  | 59656 |
| Medium Term : | Trend | Reversal |
| 63500 | | 59089 |
| Short Term : | Trend | Reversal |
| 18600 | | 17798 |
| Medium Term : | Trend | Reversal |
| 18900 | | 17613 |