Market Outlook
THURSDAY, OCTOBER 14, 2021
Market Outlook (Closing) as on 14.10.2021
Market closed in Positive territory at 61,305.95 (+568.90)
EXTENSION OF EUPORIC RALLY FURTHER TOWARDS REVISED HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM: TRAIL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
MISSING WAVE- V OF BULL MARKET:
Market is extending after small consolidation & achieving all the target levels as expected in the rally. It made a high of 18350.75 levels in nifty & 61353.25 levels in sensex so far in this rally. It looks like extension of rally further towards revised higher levels targets in short to medium term till it reverses. One should BUY Stock specific at current levels or any kind of decline or consolidation till it reverses.
It looks like extension in wave-v of III of 5 from overall wave count perspectives as per chart attached. One can expect market to rally towards higher levels targets as mentioned below in short to medium term. 16900 is support/ reversal levels on nifty & 56300 levels on sensex for medium term perspectives.
BANK NIFTY is also slow & steady extending & achieving higher levels targets as expected earlier in short to medium term. It made a high of 39375.05 levels so far in this rally. 37700 is strong support for Bank nifty in near term, till it holds one can expect higher levels target-41000-41500 levels in short term. 36500 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target of 44000 levels in medium term.
17500 & 18500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far based on option open interest data for expiry perspectives. Market will remain volatile at higher levels, so be stock specific & Keep periodic profit booking
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. 17055 levels on nifty & 57260 levels on sensex is crucial support levels to watch out for short term till that one should follow trend till it reverses.
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 14.10.2021
Market closed in Positive territory at 61,305.95 (+568.90)EXTENSION OF EUPORIC RALLY FURTHER TOWARDS REVISED HIGHER LEVELS TARGETS IN SHORT TO MEDIUM TERM: TRAIL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING AT THESE LEVELS MAREKT:
MISSING WAVE- V OF BULL MARKET:
It looks like extension in wave-v of III of 5 from overall wave count perspectives as per chart attached. One can expect market to rally towards higher levels targets as mentioned below in short to medium term. 16900 is support/ reversal levels on nifty & 56300 levels on sensex for medium term perspectives.
BANK NIFTY is also slow & steady extending & achieving higher levels targets as expected earlier in short to medium term. It made a high of 39375.05 levels so far in this rally. 37700 is strong support for Bank nifty in near term, till it holds one can expect higher levels target-41000-41500 levels in short term. 36500 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target of 44000 levels in medium term.
17500 & 18500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far based on option open interest data for expiry perspectives. Market will remain volatile at higher levels, so be stock specific & Keep periodic profit booking
Momentum indicators Daily KST & Daily MACD both are in BUY supporting short term trend. 17055 levels on nifty & 57260 levels on sensex is crucial support levels to watch out for short term till that one should follow trend till it reverses.
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 |
| 62300 |  | 59900 |
| Medium Term : | Trend | Reversal |
| 63500 | | 56300 |
| Short Term : | Trend | Reversal |
| 18500 | | 17860 |
| Medium Term : | Trend | Reversal |
| 18700-18800 | | 16900 |