Market Outlook
THURSDAY, DECEMBER 23, 2021
Market Outlook (Closing) as on 23.12.2021
Market closed in Positive territory at 57315.20 (+ 384.72)
END OF TRIPLE ZIG ZAG SHORT TERM CORRECTION:
BEGINNING OF EITHER WAVE-X OR WAVE-V RALLY FOR HIGHER LEVELS TARGETS: TRAIL TILL REVERSES:
BUY STOCK SPECIFIC AT CURRENT LEVELS OR ANY KIND OF DECLINE OR CONSOLIDATION IN THIS FINAL PHASE OF RALLY IN MARKET:
Market completed Triple Zig Zag Short term Correction at lower levels. It has achieved short term targets levels as expected in this correction near recent lows. It made a low of 16410 levels on nifty & 55132 levels on sensex in this correction. Bottom is in place till this lower level holds from short to medium term perspectives as per my view. One can expect rally on upside till overall trend reverses as mentioned below. One should buy stock specific at current levels or any kind of decline or consolidation till overall trend reverses.
It looks like end of Triple Zig Zag correction as per chart attached. It can be either Wave-W or Wave-IV Short term correction from overall wave count perspectives. One can expect rally in market till this holds from short to medium term perspectives till overall trend reverses.
BANK NIFTY is underperforming in short term. It made a low of 34018 levels in this correction. Although overall wave counts is not conclusive for Bank nifty at current levels but one can expect rally from lower levels till 34000-33900 support levels holds for bank nifty from short to medium term perspectives. One can expect rally pull back rally for higher levels target1-37500 & target2-39000 levels till trend reverses. 33900 is short to medium term reversal for the same.
16500 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. It looks like market will end of trading in this rnage from expiry perspectives for current month series.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend. Close below short term reversal levels will lead to sharp fall towards 15900- 15500 levels in nifty & 53000-51800 levels in short term. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. 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 23.12.2021
Market closed in Positive territory at 57315.20 (+ 384.72)END OF TRIPLE ZIG ZAG SHORT TERM CORRECTION:
BEGINNING OF EITHER WAVE-X OR WAVE-V RALLY FOR HIGHER LEVELS TARGETS: TRAIL TILL REVERSES:
BUY STOCK SPECIFIC AT CURRENT LEVELS OR ANY KIND OF DECLINE OR CONSOLIDATION IN THIS FINAL PHASE OF RALLY IN MARKET:
It looks like end of Triple Zig Zag correction as per chart attached. It can be either Wave-W or Wave-IV Short term correction from overall wave count perspectives. One can expect rally in market till this holds from short to medium term perspectives till overall trend reverses.
BANK NIFTY is underperforming in short term. It made a low of 34018 levels in this correction. Although overall wave counts is not conclusive for Bank nifty at current levels but one can expect rally from lower levels till 34000-33900 support levels holds for bank nifty from short to medium term perspectives. One can expect rally pull back rally for higher levels target1-37500 & target2-39000 levels till trend reverses. 33900 is short to medium term reversal for the same.
16500 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives. It looks like market will end of trading in this rnage from expiry perspectives for current month series.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend. Close below short term reversal levels will lead to sharp fall towards 15900- 15500 levels in nifty & 53000-51800 levels in short term. One should strictly follow trend till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD are in SELL. 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 |
| 59800-60800 |  | 55132 |
| Medium Term : | Trend | Reversal |
| 62200-65000 | | 55132 |
| Short Term : | Trend | Reversal |
| 17800-18200 | | 16400 |
| Medium Term : | Trend | Reversal |
| 18600-19600 | | 16400 |