Market Outlook
WEDNESDAY, AUGUST 18, 2021
Market Outlook (Closing) as on 18.08.2021
Market closed in negative territory at 55,629.49 (-162.78)
SHORT TERM TARGETS ACHIEVED:TRAIL TILL IT REVERSES
LOWER END OF SUPPORT TO WATCHOUT TO CONCLUDE TREND REVERSAL:
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 short term targets levels after breaking out of range as expected. It has achieved my short term targets levels near recent high. It made a high of 16701.85 levels on nifty & 56118.57 levels on sensex so far in this rally. One should watch out market behavior at these crucial levels for short term near upper end of channel. One can expect stock specific profit booking from higher levels. One should be stock specific at current levels or any kind of decline or consolidation till it reverses.
We are final wave-V of 5 in this Bull market started since March 2020. Whether wave-V will further extend to watch out for short term till medium term reverses. 16160 is support on nifty for short term & 15430 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY is underperforming in this entire rally. Its failed to sustain above 36000 levels (i.e. upper end of range). It’s consolidating in narrow range of 33900-36300 levels in short term. Break of this range will lead to trend with momentum in short term. Expecting this range to break on upside till lower end of support holds. 33900 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37400/37800 levels in short term. 31900 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.
16000- 15500 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. Close & sustain below short term reversal levels will lead to sharp fall towards 53000-51800 levels on sensex & 15800-15430 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 18.08.2021
Market closed in negative territory at 55,629.49 (-162.78)SHORT TERM TARGETS ACHIEVED:TRAIL TILL IT REVERSES
LOWER END OF SUPPORT TO WATCHOUT TO CONCLUDE TREND REVERSAL:
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:
We are final wave-V of 5 in this Bull market started since March 2020. Whether wave-V will further extend to watch out for short term till medium term reverses. 16160 is support on nifty for short term & 15430 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY is underperforming in this entire rally. Its failed to sustain above 36000 levels (i.e. upper end of range). It’s consolidating in narrow range of 33900-36300 levels in short term. Break of this range will lead to trend with momentum in short term. Expecting this range to break on upside till lower end of support holds. 33900 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37400/37800 levels in short term. 31900 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.
16000- 15500 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. Close & sustain below short term reversal levels will lead to sharp fall towards 53000-51800 levels on sensex & 15800-15430 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 |
| 56600-57000 |  | 53290 |
| Medium Term : | Trend | Reversal |
| 62300 | | 50375 |
| Short Term : | Trend | Reversal |
| 16600-16950 | | 15960 |
| Medium Term : | Trend | Reversal |
| 17500-18500 | | 15044 |