Market Outlook
THURSDAY, SEPTEMBER 30, 2021
Market Outlook (Closing) as on 30.09.2021
Market closed in negative territory at 59,126.36 (- 286.91)
SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS FURTHER:
LOWER END SUPPORT LEVELS TO WATCHOUT FOR: IF HOLDS, THEN FURTHER EXTENSION CAN POSSIBLE IN NEAR TERM:
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 has achieved extended short term targets levels near recent high as expected. It made a high of 17947.45 levels on nifty & 60412.93 levels on sensex so far in rally. It’s witnessing profit booking after achieving short term targets levels. It has strong support around 17500-17250 levels in near term. It may consolidate in the range of 17250-17900 levels. One should BUY Stock specific at current levels or any kind of decline or consolidation till it reverses. One can expect market to trend higher further till it reverses in short term.
It looks like extension in wave-iii of Vof 5 from overall wave count perspectives as per chart attached. One can expect market to rally towards higher levels targets as mentioned below in short to medium term. 16700 is support on nifty for medium term perspectives.
BANK NIFTY also achieved first short term targets levels near recent high as expected. It made a high of 38377.65 levels so far in the rally. 36500 is strong support for Bank nifty in near term, till it holds one can expect higher levels target1-39500-40000 levels in short term. 36150 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target of 42000 levels in medium term.
17000/17300 & 18000/18300 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.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend in short term. 17055 levels on nifty & 57260 levels on sensex is crucial support levels to watch out for short term till that one should follow trend 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 30.09.2021
Market closed in negative territory at 59,126.36 (- 286.91)SHORT TERM TARGET ACHIEVED: TRAIL TILL IT REVERSES:
REVISING SHORT TERM TARGETS LEVELS FURTHER:
LOWER END SUPPORT LEVELS TO WATCHOUT FOR: IF HOLDS, THEN FURTHER EXTENSION CAN POSSIBLE IN NEAR TERM:
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 has achieved extended short term targets levels near recent high as expected. It made a high of 17947.45 levels on nifty & 60412.93 levels on sensex so far in rally. It’s witnessing profit booking after achieving short term targets levels. It has strong support around 17500-17250 levels in near term. It may consolidate in the range of 17250-17900 levels. One should BUY Stock specific at current levels or any kind of decline or consolidation till it reverses. One can expect market to trend higher further till it reverses in short term.
It looks like extension in wave-iii of Vof 5 from overall wave count perspectives as per chart attached. One can expect market to rally towards higher levels targets as mentioned below in short to medium term. 16700 is support on nifty for medium term perspectives.
BANK NIFTY also achieved first short term targets levels near recent high as expected. It made a high of 38377.65 levels so far in the rally. 36500 is strong support for Bank nifty in near term, till it holds one can expect higher levels target1-39500-40000 levels in short term. 36150 levels is strong support on bank nifty for medium term perspectives on bank nifty. One can expect higher levels target of 42000 levels in medium term.
17000/17300 & 18000/18300 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.
Momentum indicators Daily KST & Daily MACD both are in SELL indicating volatile trend in short term. 17055 levels on nifty & 57260 levels on sensex is crucial support levels to watch out for short term till that one should follow trend 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 |
| 61500 |  | 57250 |
| Medium Term : | Trend | Reversal |
| 62300 | | 53290 |
| Short Term : | Trend | Reversal |
| 18250-18300 | | 17055 |
| Medium Term : | Trend | Reversal |
| 18500 | | 15960 |