Market Outlook
THURSDAY, SEPTEMBER 16, 2021
Market Outlook (Closing) as on 16.09.2021
Market closed in Positive territory at 59,141.60 (+ 417.96)
EXTENDING FURTHER TOWRDS HIGHER LEVELS TARGETS IN SHORT TERM: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS:
BANK NIFTY TO LEAD THIS PHASE OF RALLY FROM HERE ON IN SHORT TO MEDIUM TERM PERSPECTIVES:
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 extending further in short term after achieving my targets levels as mentioned earlier. It made a high of 59204.29 levels in sensex. One can expect market to trend towards revised short term targets levels till it reverses. One can expect stock specific profit booking from higher levels. One should buy stock specific at current levels or any kind of decline or consolidation till it reverses.
It looks like extension in wave-iii of Vof 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. 16700 is support on nifty for short term & 16370 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY has surpassed today its all-time high 37709 levels. It was underperforming from last 6-7 months. It looks like Bank nifty to lead rally ahead from here on from short to medium term perspectives. 36400 is strong support for Bank nifty in short term, till it holds one can expect higher levels targets till tgt1-38500 & tgt2-39500 levels in short term. 36000 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-44000 levels in medium term.
17000- 18000 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 & Daily MACD both are in BUY supporting short term trend. 17000 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 16.09.2021
Market closed in Positive territory at 59,141.60 (+ 417.96)EXTENDING FURTHER TOWRDS HIGHER LEVELS TARGETS IN SHORT TERM: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS:
BANK NIFTY TO LEAD THIS PHASE OF RALLY FROM HERE ON IN SHORT TO MEDIUM TERM PERSPECTIVES:
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 extension in wave-iii of Vof 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. 16700 is support on nifty for short term & 16370 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY has surpassed today its all-time high 37709 levels. It was underperforming from last 6-7 months. It looks like Bank nifty to lead rally ahead from here on from short to medium term perspectives. 36400 is strong support for Bank nifty in short term, till it holds one can expect higher levels targets till tgt1-38500 & tgt2-39500 levels in short term. 36000 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-44000 levels in medium term.
17000- 18000 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 & Daily MACD both are in BUY supporting short term trend. 17000 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 |
| 60000 |  | 56118 |
| Medium Term : | Trend | Reversal |
| 62300 | | 53290 |
| Short Term : | Trend | Reversal |
| 17800-18100 | | 16700 |
| Medium Term : | Trend | Reversal |
| 18500 | | 15960 |