Market Outlook
THURSDAY, NOVEMBER 24, 2022
Market Outlook (Closing) as on 24.11.2022
Market closed in positive territory at 62272.68 (+762.10)
BREAKING OUT OF SHORT TERM CONSOLIDATION:
TREND TOWARDS REVISED SHORT TERM TARGETS LEVELS: TRAIL TILLIT REVERSES:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
Market is breaking out of consolidation range on upside on expiry day. Its extending on upside as expected. It made a high of 18524.75 levels on nifty & 62412.33 levels on sensex so far in this rally. It’s moving in channel as per daily chart. One can expect market to trend towards (upper end of channel) revised short term targets levels as mentioned below in short term. Any kind of short term correction or consolidation is stock specific buying opportunity till short term reverses. One should follow a trend till it reverses
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It’s also extending slow & steady towards higher levels targets as expected. Short term trend remains up till it trades above 40800 levels & Expecting revised targets of around of 44500 levels ( upper end of channel) in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will going to take a momentum once it will taken out ALL TIME HIGH LEVELS.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
Market Outlook (Closing) as on 24.11.2022
Market closed in positive territory at 62272.68 (+762.10)BREAKING OUT OF SHORT TERM CONSOLIDATION:
TREND TOWARDS REVISED SHORT TERM TARGETS LEVELS: TRAIL TILLIT REVERSES:
WORLD MARKETS ACROSS THE GLOBE LOOKS IN PULL BACK MODE:
ANY KIND OF SHORT TERM CORRECTION OR CONSOLIDATION IS A BUYING OPPORTUNITY FROM LONG TERM INVESTMENT PERSPECTIVES:
INDIA WILL CONTINUE TO OUTPERFORM WORLD MARKET IN NEAR TERM:
It looks like end of wave-III beginning for higher levels targets as per chart attached for short to medium term perspectives. World Market across the globe looks in pull back mode that will also add fuel to already out performing Indian equity market at current levels.
Bank nifty is outperforming in short term. It’s also extending slow & steady towards higher levels targets as expected. Short term trend remains up till it trades above 40800 levels & Expecting revised targets of around of 44500 levels ( upper end of channel) in short term. 37386 is crucial support/reversal levels from medium term perspectives till it holds one can expect targets of around 48000 levels in medium term as per chart attached.
18000-19000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far from expiry perspectives. Market will going to take a momentum once it will taken out ALL TIME HIGH LEVELS.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile short term trend. Investor should use any kind of correction or consoldation to buy stock specific in tranches in disciplined manner from long term perspectives.
Momentum Perspective:
Weekly KST & Weekly MACD both came in to BUY. Market closed above 20WESM & 40 WEMA. All the evidences are supporting with medium term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP
Trend
| Short Term : | Trend | Reversal |
| 64000 |  | 61000 |
| Medium Term : | Trend | Reversal |
| 68000 | | 56147 |
| Short Term : | Trend | Reversal |
| 18900/19000 | | 17959 |
| Medium Term : | Trend | Reversal |
| 20400 | | 16747 |