Market Outlook
MONDAY, NOVEMBER 29, 2021
Market Outlook (Closing) as on 29.11.2021
Market closed in Positive territory at 57260.58 (+ 153.43)
MEDIUM TERM REVERSAL LEVELS TO WATCHOUT FOR:
HIGH VOLATALITY IN SHORT TERM: TRAILL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING IN THIS FINAL PHASE OF RALLY IN MARKET:.
Market failed to hold short term support levels & broken it sharply with gap down beyond anticipation. It made a new low of 16782.40 levels on nifty & 56382.93 levels on sensex so far in this correction. It’s trading near medium term reversal levels. It’s trading with high volatility in short term. One should watch out market behavior in short term at this crucial level & follow the trend till it reverses.
Overall wave counts are not conclusive at these crucial levels. But still keeping this correction as wave-IV till medium term trend reverses & wave-V on upside is still pending till medium term reverses.
Market managed to hold lower end of range & closed daily in positive territory. It looks like completion of wave-IV short term correction & beginning of final wave-V of 5 towards higher levels targets as mentioned below in short to medium term till it reverses. One should follow the trend till it reverses.
BANK NIFTY is underperforming in short term. It made a low of 35459 levels in short term. It looks like 5wave decline on daily chart of bank nifty. 35459 & 34800 is crucial short term & medium term supports respectively for bank nifty. One can expect pull back rally till 38200-39500 levels till this support/Reversal levels hold on bank nifty in short to medium term.
17000 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives.
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 16600- 16300 levels in nifty & 55500-55000 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 29.11.2021
Market closed in Positive territory at 57260.58 (+ 153.43)MEDIUM TERM REVERSAL LEVELS TO WATCHOUT FOR:
HIGH VOLATALITY IN SHORT TERM: TRAILL TILL IT REVERSES:
BE STOCK SPECIFIC & KEEP PERIODIC PROFIT BOOKING IN THIS FINAL PHASE OF RALLY IN MARKET:.
Overall wave counts are not conclusive at these crucial levels. But still keeping this correction as wave-IV till medium term trend reverses & wave-V on upside is still pending till medium term reverses.
Market managed to hold lower end of range & closed daily in positive territory. It looks like completion of wave-IV short term correction & beginning of final wave-V of 5 towards higher levels targets as mentioned below in short to medium term till it reverses. One should follow the trend till it reverses.
BANK NIFTY is underperforming in short term. It made a low of 35459 levels in short term. It looks like 5wave decline on daily chart of bank nifty. 35459 & 34800 is crucial short term & medium term supports respectively for bank nifty. One can expect pull back rally till 38200-39500 levels till this support/Reversal levels hold on bank nifty in short to medium term.
17000 & 17500 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far for expiry perspectives.
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 16600- 16300 levels in nifty & 55500-55000 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 |
| 60000-61000 |  | 56382 |
| Medium Term : | Trend | Reversal |
| 62200-63500 | | 56382 |
| Short Term : | Trend | Reversal |
| 17600-18200 | | 16782 |
| Medium Term : | Trend | Reversal |
| 18600 | | 16782 |