Market Outlook
TUESDAY, AUGUST 31, 2021
Market Outlook (Closing) as on 31.08.2021
Market closed in Positive territory at 57,552.39 (+662.69)
FIRST SHORT TERM TARGETS ACHIEVED:
LOOKS LIKE EXTENSION CASE FOR SHORT TERM FOR FURTHER HIGHER LEVELS TARGETS: TRAIL TILL IT REVERSES:
BANK NIFTY TO LEAD THIS PHASE OF RALLY FROM HERE ON IN SHORT TO MEDIUM TERM PERSPECTIVES:
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 achieved short term targets levels today near recent high as expected earlier. It made a high of 57625.26 levels on sensex & 17153.50 levels on nifty today. It looks like extension case for market for revised higher levels targets as mentioned below for short term. One can expect stock specific profit booking from higher levels. One should be stock specific at current levels or any kind of decline or consolidation till it reverses.
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. 16160 is support on nifty for short term & 15430 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY is still underperforming in rally. I believe, it’s time now for Bank nifty to catch in rally now for short to medium term perspectives. One should closely watch out BANK NIFTY behavior in short term. It made a high of 36690 levels so far in rally. 34800 is strong support for Bank nifty in short term, till it holds one can expect higher levels targets till tgt1-38500 & tgt2-39200 levels in short term. 33900 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.
16500- 17500 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 BUY supporting short term trend. Close & sustain below short term reversal levels will lead to sharp fall towards 53000-52500 levels on sensex & 15900-15750 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 31.08.2021
Market closed in Positive territory at 57,552.39 (+662.69)FIRST SHORT TERM TARGETS ACHIEVED:
LOOKS LIKE EXTENSION CASE FOR SHORT TERM FOR FURTHER HIGHER LEVELS TARGETS: TRAIL TILL IT REVERSES:
BANK NIFTY TO LEAD THIS PHASE OF RALLY FROM HERE ON IN SHORT TO MEDIUM TERM PERSPECTIVES:
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:
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. 16160 is support on nifty for short term & 15430 is crucial support zone for nifty for medium term perspectives.
BANK NIFTY is still underperforming in rally. I believe, it’s time now for Bank nifty to catch in rally now for short to medium term perspectives. One should closely watch out BANK NIFTY behavior in short term. It made a high of 36690 levels so far in rally. 34800 is strong support for Bank nifty in short term, till it holds one can expect higher levels targets till tgt1-38500 & tgt2-39200 levels in short term. 33900 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.
16500- 17500 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 BUY supporting short term trend. Close & sustain below short term reversal levels will lead to sharp fall towards 53000-52500 levels on sensex & 15900-15750 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 |
| 58500-59000 |  | 54167 |
| Medium Term : | Trend | Reversal |
| 62300 | | 51800 |
| Short Term : | Trend | Reversal |
| 17500 | | 16162 |
| Medium Term : | Trend | Reversal |
| 18500 | | 15500 |