Market Outlook
MONDAY, February 15, 2021
Market Outlook (Closing) as on 15.02.2021
Market closed in positive territory at 52154.13 (+ 609.83)
SHOWING SIGNS OF EXTENSION IN WAVE-V OF 5: TRAIL TILL IT REVERSES:
BANK NIFTY TO TAKE LEAD & EXPECT SHARP EUPORIC STOCK SPECIFIC MOVE IN SHORT TERM IN THIS PHASE OF MARKET:
PARTICIPATES WITH STOCK SPECIFIC APPROACH AND KEEPS REGULAR BOOKING OF PROFIT IN THIS PHASE OF MAKRET:
STILL LOOKS LIKE “W ” SHAPE RECOVERY OR PULL BACK RALLY LIKE 1998-2003 STRUCTURE OF MARKET:
MISSING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC AND NOT TO BE CARRIED AWAY WITH TOO MUCH LEVERAGE IN THIS EUPH ORIC PHASE OF MARKET:
Market is slow & steady extending with new record all time high levels every day. Its extending in short term as expected. It’s showing signs of extension in wave-v of 5 as per chart attached. One can expect market to trend towards higher levels targets as mentioned below in short to medium term till it reverses. One can expect Bank nifty to take lead & stock specific sharp euphoric move in short term in this phase of market.
It showing signs of extension further in wave-V of 5 from overall wave counts perspectives as per chart attached till it reverses. One should participate with stock specific approach & keep regular booking of profit in this phase of market. Additionally, one should not be carried away with too much leverage position in this phase of market.
It still looks like “W” shape recovery or rally like 1998-2003 structure. And it’s missing Wave-V of higher degree from wave count perspectives. So one can’t rule out sharp correction, once this rally completes, towards further lower levels targets towards 2019 lows or retracement of entire rally from March 2019 lows. So one should be very stock specific in this phase of market.
BANK NIFTY is outperforming in this phase of market. It’s taking lead & continues to outperform in this phase of market. It’s also showing signs of extension in wave-V of 5 from wave counts perspectives as per chart attached. 35450 is strong support/Reversal levels for bank nifty, till it holds one can expect higher levels taregt1-37500 levels & target2-38500 levels in short term. 29660 levels is strong support for medium term perspectives on bank nifty, one can expect higher levels targets till 40000-41000 levels in medium term, till it holds.
14700/15500 is strong support zone & Resistance zone levels respectively based on option open interest data for expiry perspectives for current month so far based on option open interest data.
Momentum indicators Daily KST came in to BUY but Daily MACD is still in sell indicating up trend with volatility. Close below short term reversal levels will lead to sharp fall towards 14300 levels on nifty & 48800 levels on sensex in short term. One should be stock specific & follow trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both 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 15.02.2021
Market closed in positive territory at 52154.13 (+ 609.83)SHOWING SIGNS OF EXTENSION IN WAVE-V OF 5: TRAIL TILL IT REVERSES:
BANK NIFTY TO TAKE LEAD & EXPECT SHARP EUPORIC STOCK SPECIFIC MOVE IN SHORT TERM IN THIS PHASE OF MARKET:
PARTICIPATES WITH STOCK SPECIFIC APPROACH AND KEEPS REGULAR BOOKING OF PROFIT IN THIS PHASE OF MAKRET:
STILL LOOKS LIKE “W ” SHAPE RECOVERY OR PULL BACK RALLY LIKE 1998-2003 STRUCTURE OF MARKET:
MISSING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC AND NOT TO BE CARRIED AWAY WITH TOO MUCH LEVERAGE IN THIS EUPH ORIC PHASE OF MARKET:
It showing signs of extension further in wave-V of 5 from overall wave counts perspectives as per chart attached till it reverses. One should participate with stock specific approach & keep regular booking of profit in this phase of market. Additionally, one should not be carried away with too much leverage position in this phase of market.
It still looks like “W” shape recovery or rally like 1998-2003 structure. And it’s missing Wave-V of higher degree from wave count perspectives. So one can’t rule out sharp correction, once this rally completes, towards further lower levels targets towards 2019 lows or retracement of entire rally from March 2019 lows. So one should be very stock specific in this phase of market.
BANK NIFTY is outperforming in this phase of market. It’s taking lead & continues to outperform in this phase of market. It’s also showing signs of extension in wave-V of 5 from wave counts perspectives as per chart attached. 35450 is strong support/Reversal levels for bank nifty, till it holds one can expect higher levels taregt1-37500 levels & target2-38500 levels in short term. 29660 levels is strong support for medium term perspectives on bank nifty, one can expect higher levels targets till 40000-41000 levels in medium term, till it holds.
14700/15500 is strong support zone & Resistance zone levels respectively based on option open interest data for expiry perspectives for current month so far based on option open interest data.
Momentum indicators Daily KST came in to BUY but Daily MACD is still in sell indicating up trend with volatility. Close below short term reversal levels will lead to sharp fall towards 14300 levels on nifty & 48800 levels on sensex in short term. One should be stock specific & follow trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both 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 |
| 52800-53300 |  | 50184 |
| Medium Term : | Trend | Reversal |
| 54500 | | 46160 |
| Short Term : | Trend | Reversal |
| 15550 | | 14750 |
| Medium Term : | Trend | Reversal |
| 16100 | | 13596 |