Market Outlook
FRIDAY, JULY 30, 2021
Market Outlook (Closing) as on 30.07.2021
Market closed in negative territory at 52,586.84 (-66.23)
CONSOLIDATING IN NARROW RANGE:
BREAKING OF RANGE WILL CONFIRM SHARP TREND WITH MOMEMTUM:
EXPECTING RANGE TO BREAK ON UPSIDETILL IT REVERSES:
MISSING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC AND NOT TO BE CARRIED AWAY WITH TOO MUCH LEVERAGE IN THIS EUPH ORIC PHASE OF MARKET:
Market is consolidating in narrow range of (16000-15500 levels on nifty for almost last one & half months. After achieving my first short term targets levels, it’s consolidating in this range with stock specific movement. Expecting this range to break on upside till lower end of support holds. One can expect market to break this consolidation range on upside till it reverses. After break out from this consolidation range, one can expect market to trend with momentum towards higher levels targets as mentioned below in near term. One should buy stock specific at current levels or any kind of decline or consolidation till it reverses.
Although short term wave counts is not conclusive. It looks like Final wave-V of 5 rally of extended Bull market from overall wave counts perspectives as per chart attached. One can expect market to trend towards higher levels targets in short to medium term till it reverses.
BANK NIFTY is still underperforming at current levels of market. It’s also consolidating in narrow range of 33900-36000 levels in near term as per chart attached. Break of this range will lead to trend with momentum in short term. Expecting this range to break on upside till lower end of support holds. 33900 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37400/37800 levels in short term. 31900 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-46300 levels in medium term.
15500- 16000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far based on option open interest data for expiry perspectives. Derivative Over all open interest data ( Index futures/ Stock futures) are still indicating Bullish set up for near term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend in near term. Close & sustain below short term reversal levels will lead to sharp fall towards 50300 on sensex & 15100-15050 levels on nifty in short term. One should be stock specific in this euphoric phase of market & follow trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD 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 30.07.2021
Market closed in negative territory at 52,586.84 (-66.23)CONSOLIDATING IN NARROW RANGE:
BREAKING OF RANGE WILL CONFIRM SHARP TREND WITH MOMEMTUM:
EXPECTING RANGE TO BREAK ON UPSIDETILL IT REVERSES:
MISSING WAVE- V OF BULL MARKET:
BE STOCK SPECIFIC AND NOT TO BE CARRIED AWAY WITH TOO MUCH LEVERAGE IN THIS EUPH ORIC PHASE OF MARKET:
Although short term wave counts is not conclusive. It looks like Final wave-V of 5 rally of extended Bull market from overall wave counts perspectives as per chart attached. One can expect market to trend towards higher levels targets in short to medium term till it reverses.
BANK NIFTY is still underperforming at current levels of market. It’s also consolidating in narrow range of 33900-36000 levels in near term as per chart attached. Break of this range will lead to trend with momentum in short term. Expecting this range to break on upside till lower end of support holds. 33900 levels is strong support for short term, till it holds one can expect higher levels targets till tgt1-36600 & tgt2-37400/37800 levels in short term. 31900 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target1-42000 & target2-46300 levels in medium term.
15500- 16000 is strong support zone & Resistance zone levels respectively based on option open interest data for current month series so far based on option open interest data for expiry perspectives. Derivative Over all open interest data ( Index futures/ Stock futures) are still indicating Bullish set up for near term.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend in near term. Close & sustain below short term reversal levels will lead to sharp fall towards 50300 on sensex & 15100-15050 levels on nifty in short term. One should be stock specific in this euphoric phase of market & follow trend with trail stop loss levels till it reverses.
Momentum Perspective:
Weekly KST & WEEKLY MACD 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 |
| 54500 |  | 51800 |
| Medium Term : | Trend | Reversal |
| 55800-57000 | | 50375 |
| Short Term : | Trend | Reversal |
| 16500-16600 | | 15500 |
| Medium Term : | Trend | Reversal |
| 17500-18500 | | 15044 |