Market Outlook
TUESDAY, JUNE 15, 2021
Market Outlook (Closing) as on 15.06.2021
Market closed in Positive territory at 52,773.05 (+ 221.52)
FIRST SHORT TERM TARGET ACHIEVED
TREND TOWARDS SECOND SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES:
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 achieved my first short term targets levels as expected below earlier after broken out of consolidation range. It made a high of 15901.60 levels on nifty & 52732.97 levels on sensex today so far in this rally. One can expect market to trend towards second short term targets levels as mentioned below till it reverses. One should but stock specific at current levels or any kind of decline or consolidation till it reverses.
It looks like Final wave-V of 5 rally of extended Bull market from overall wave counts perspectives as per chart attached. One can expect market to trend towards higher levels targets in short to medium term till it reverses.
BANK NIFTY is still underperforming at current levels of market. It has to catch up in rally after decent correction. It has also started final wave-V of 5 after around 20% correction in last 2 months from peak from overall wave counts perspectives as per chart attached. It has achieved my first short term targets levels near recent high so far in this rally as expected earlier. It made a high of 35960 levels. 32100 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37800 levels in short term. 30400 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-46300 levels in medium term.
15500- 16000 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.
Momentum indicators Daily KST is in SELL while Daily MACD is in BUY indicating volatile trend ahead of FED Policy this week. Close & sustain below short term reversal levels will lead to sharp fall towards 48450-47200 levels on sensex & 14600-14100 levels on nifty in short term. One should be stock specific in this euphoric phase of market & follow trend with trail stop loss levels 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 15.06.2021
Market closed in Positive territory at 52,773.05 (+ 221.52)FIRST SHORT TERM TARGET ACHIEVED
TREND TOWARDS SECOND SHORT TERM TARGETS LEVELS: TRAIL TILL IT REVERSES:
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 looks like Final wave-V of 5 rally of extended Bull market from overall wave counts perspectives as per chart attached. One can expect market to trend towards higher levels targets in short to medium term till it reverses.
BANK NIFTY is still underperforming at current levels of market. It has to catch up in rally after decent correction. It has also started final wave-V of 5 after around 20% correction in last 2 months from peak from overall wave counts perspectives as per chart attached. It has achieved my first short term targets levels near recent high so far in this rally as expected earlier. It made a high of 35960 levels. 32100 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37800 levels in short term. 30400 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-46300 levels in medium term.
15500- 16000 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.
Momentum indicators Daily KST is in SELL while Daily MACD is in BUY indicating volatile trend ahead of FED Policy this week. Close & sustain below short term reversal levels will lead to sharp fall towards 48450-47200 levels on sensex & 14600-14100 levels on nifty in short term. One should be stock specific in this euphoric phase of market & follow trend with trail stop loss levels 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 |
| 52400-53400 |  | 50465 |
| Medium Term : | Trend | Reversal |
| 55800-57000 | | 48473 |
| Short Term : | Trend | Reversal |
| 15800/16100-16200 | | 15145 |
| Medium Term : | Trend | Reversal |
| 17500-18500 | | 14591 |