Nifty (spot) and bank nifty (spot) weekly technical view

By: Admin
21032

Insignia Consultants

New Delhi

Saturday, January 23, 2021

TIME 11:17 PM IST                     

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Nifty (spot) and bank nifty (spot) weekly technical view

After a very long time I am preparing the Nifty and Bank Nifty report. Let me make it very clear, “Insignia Consultants” does not give any professional advice on nifty, bank nifty and Indian stocks. The report is just prepared for our own personal trading purpose and investment purpose. This is the disclaimer and disclosure.

Nifty Spot: (previous day close/CMP 14371.90)

Support:  13476, 13650, 13972 and 14108 Resistance: 14635.10, 14898.20 and 15266.80

Weekly View: Nifty spot needs to trade over 13972-14108 zone to rise to 14771 and 15170. (i) Nifty spot needs a daily close below 13972 for alteast three consecutive days to be in a short term bearish zone and fall to 13650 and 12644.

Key weekly support: 13972.40

Key weekly resistance: 14635.10

Key short term support: 13650 (fifty day moving average).

Bank Nifty Spot:  (previous day close/CMP 31167.20)

Support: 29239.10, 30330.30, 30202.70 and 30761.30 Resistance: 31573.10, 31824.10, 32131.70 and 33096.

Weekly View: Bank Nifty spot need to trade over fifty day moving average of 30610 to be in short term bullish zone and rise to 32027.10 and 32633.30 and 34052. It will move into a short term bearish zone only if it falls below 30610 and trades below 30610 for atleast five consecutive days.

Key weekly support: 30610.10

Key weekly resistance: 32027.10

Long term bullishness for Indian stock Nifty and Sensex is still there. If you are an investor, do not get worried if there is correction upto twenty percent. Futures and options expiry will increase volatility. Cautious optimism over the pace of rise at the moment. Federal Reserve meet on 27th January (for Asia it will be 28th January) can impact the direction of Indian stock markets and not just US stock futures. Trend of Nifty and bank nifty should be sustainable from 29th January.

I prefer to stay neutral and on the sidelines this week.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in Nifty, bank nifty and also invest in stocks listed in NSE and BSE. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in Nifty futures and bank nifty futures in trading strategies other than those mentioned in this report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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