Market Outlook
FRIDAY, NOVEMBER 27, 2020
Market Outlook (Closing) as on 27.11.2020
Market closed in positive territory at 44,149.72 (+ 552.90)
EXTENDING FURTHER IN SHORT TERM: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS:KEEP BOOKING PROFIT IN TRADING POSITION IN THIS PHASE OF MARKET
STILL LOOKS LIKE “W ” SHAPE RECOVERY OR PULL BACK RALLY LIKE 1998-2003 STRUCTURE OF MARKET:
MIISING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
Market showing sign of extension after achieving short term targets levels as expected earlier. It made a high of 13145.85 levels on nifty & 44.825.37 levels on sensex so far. One can expect market to trend towards higher levels targets as expected in short term to medium term till it reverses. One should buy stock specific at current levels or any kind of decline or consolidation phase.One should keep profit booking in trading position in this phase of market
Although short term wave counts is still not conclusive as we have completed wave-IV or not. But conclusively, one can expect market to trend towards higher levels targets in short to medium term till it reverses. . It’s now conclusion of missing Wave-V of bull market from medium term perspectives as per chart attached.
It still looks like “W” shape recovery or rally like 1998-2003 structure. And it’s missing Wave-V of higher degree from wave count perspectives. So one can’t rule out sharp correction, once this rally completes, towards further lower levels targets towards 2019 lows or retracement of entire rally from March 2019 lows. So one should be very stock specific in this phase of market.
BANK NIFTY is also showing sign of extension in short term. 27700 levels is strong support for short term, till it holds one can expect targets in the range of 31500-32650 levels in short term. 25200 levels is strong support for Overall bullish view on bank nifty.
Momentum indicators Daily KST is in SELL & Daily MACD is in BUY indicating volatile trend in short term. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close below short term reversal levels will lead to sharp sell off towards lower levels targets of 12300/11800 levels on nifty & 42000-41000 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both 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 27.11.2020
Market closed in positive territory at 44,149.72 (+ 552.90)EXTENDING FURTHER IN SHORT TERM: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS:KEEP BOOKING PROFIT IN TRADING POSITION IN THIS PHASE OF MARKET
STILL LOOKS LIKE “W ” SHAPE RECOVERY OR PULL BACK RALLY LIKE 1998-2003 STRUCTURE OF MARKET:
MIISING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC IN THIS PHASE OF MARKET:
Although short term wave counts is still not conclusive as we have completed wave-IV or not. But conclusively, one can expect market to trend towards higher levels targets in short to medium term till it reverses. . It’s now conclusion of missing Wave-V of bull market from medium term perspectives as per chart attached.
It still looks like “W” shape recovery or rally like 1998-2003 structure. And it’s missing Wave-V of higher degree from wave count perspectives. So one can’t rule out sharp correction, once this rally completes, towards further lower levels targets towards 2019 lows or retracement of entire rally from March 2019 lows. So one should be very stock specific in this phase of market.
BANK NIFTY is also showing sign of extension in short term. 27700 levels is strong support for short term, till it holds one can expect targets in the range of 31500-32650 levels in short term. 25200 levels is strong support for Overall bullish view on bank nifty.
Momentum indicators Daily KST is in SELL & Daily MACD is in BUY indicating volatile trend in short term. One should be stock specific & follow trend with trail stop loss levels till it reverses in short term. Close below short term reversal levels will lead to sharp sell off towards lower levels targets of 12300/11800 levels on nifty & 42000-41000 levels on sensex in short term.
Momentum Perspective:
Weekly KST & WEEKLY MACD both 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 |
| 44900-47000 |  | 42900 |
| Medium Term : | Trend | Reversal |
| 44900-47000 | | 41048 |
| Short Term : | Trend | Reversal |
| 13200-13700 | | 12600 |
| Medium Term : | Trend | Reversal |
| 13900-14100 | | 12020 |