Market Outlook
TUESDAY, November 26, 2019
Market Outlook (Closing) as on 26.11.2019
Market closed in negative territory at 40821.30 (- 67.93)
SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES:
TRADER SHOULD STOCK SPECIFIC BOOK PROFIT:
POSSIBILITY OF SOME CONSOLIDATION IN SHORT TERM:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
Market achieved my short term targets levels near recent high as expected. It made a high of 12132.45 levels on nifty & 41120.28 levels on sensex today. One should watch out market behavior at this crucial levels. Able to sustain above recent high will further confirm extension of recent rally towards higher levels targets in short term.
It looks like possibility of wave-iii of I of 5 looks completed near recent high & we may see some kind of stock specific profit booking from these levels. It can possibility wave-iv correction & then wave-V of I of 5 will further extend towards higher levels targets in short term.
BANK NIFTY also achieved my short term targets levels near recent high. It made a high of 31590 levels so far in this rally. Its trading very close to my short term targets levels as expected earlier. Able to sustain above recent high will further confirm extension of recent rally towards higher levels targets in short term. One can’t ruled out possibility of wave-iv correction in the form of profit booking from current levels before final wave-V resumes on upside in short term. 29740 is strong support/Reversal levels for bank nifty in short term. One can expect higher levels target1-31700 & target2-32000 levels in short term. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
11800/12000 &12100 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives this week. Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatility to continue in short term . Close below short term reversal levels will lead to sharp correction till 11100-10800 & 37450-36450 levels in short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.
Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
Market Outlook (Closing) as on 26.11.2019
Market closed in negative territory at 40821.30 (- 67.93)SHORT TERM TARGETS ACHIEVED: TRAIL TILL IT REVERSES:
TRADER SHOULD STOCK SPECIFIC BOOK PROFIT:
POSSIBILITY OF SOME CONSOLIDATION IN SHORT TERM:
ANY KIND OF SHORT TERM VOLATALITY/ CONSOLIDATION OR DECLINE IS STOCK SPECIFIC BUYING OPPORTUNITY FOR SHORT TO MEDIUM TERM INVESTMENT PERSPECTIVES:TRAIL TILL IT REVERSES:
It looks like possibility of wave-iii of I of 5 looks completed near recent high & we may see some kind of stock specific profit booking from these levels. It can possibility wave-iv correction & then wave-V of I of 5 will further extend towards higher levels targets in short term.
BANK NIFTY also achieved my short term targets levels near recent high. It made a high of 31590 levels so far in this rally. Its trading very close to my short term targets levels as expected earlier. Able to sustain above recent high will further confirm extension of recent rally towards higher levels targets in short term. One can’t ruled out possibility of wave-iv correction in the form of profit booking from current levels before final wave-V resumes on upside in short term. 29740 is strong support/Reversal levels for bank nifty in short term. One can expect higher levels target1-31700 & target2-32000 levels in short term. 23600 levels is strong support for medium term perspectives, till it holds, One can expect higher levels targets in the range of 34000 levels on medium term.
11800/12000 &12100 levels is strong support & resistance levels respectively based on option open interest data for expiry perspectives this week. Any kind of such short term correction or consolidation is stock specific buying opportunity for medium to long term Investment perspectives till medium term reverses.
Momentum indicators Daily KST & DAILY MACD both are in SELL indicating volatility to continue in short term . Close below short term reversal levels will lead to sharp correction till 11100-10800 & 37450-36450 levels in short term .One should be stock specific & follow the trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD both are in BUY & market is closed above 20WESM & 40 WEMA. ALL Medium term momentum indicators are in BUY indicating strength & supporting medium to long term trend.Conclusion:
Short Term Trend is UP & Medium term Trend is UP.
Trend
| Short Term : | Trend | Reversal |
| 41000-41500 |  | 39180 |
| Medium Term : | Trend | Reversal |
| 42500-43000 | | 32483 |
| Short Term : | Trend | Reversal |
| 12100-12300 | | 11600 |
| Medium Term : | Trend | Reversal |
| 12600-12900 | | 9951 |