Nifty Spot Technical Levels and Report: 16th August 2019

By: Admin
18448

Insignia Consultants

New Delhi

Friday, 16 August 2019

TIME 9:29AM IST                          

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NIFTY (weekly) Technical Report

Momentum, trader sentiment and global factors are all bearish for nifty in the very short term. Holidays are over. There should be a direct correlation between bond yields and nifty index. Nifty and gold are seeing an inverse correlation. This trend will continue for some more time. It is very difficult time for day traders and jobbers. These are just long term (2-3 years) investing time. But, I believe most of us are already invested. There was hope and optimism that arrival Modi 2.0 could usher a new wave of rise for the Nifty. The reverse just happened. The message is simple for investors and traders “Invest and trade only after looking  the fundamentals”. Momentum traders should use trailing stop losses. Indian indices are reflecting fundamentals. Difficult to predict where the bottom will be but like most, I expect a long term bottom to be formed by the first week of September.

NIFTY DAILY TECHNICAL LEVELS (Current price 10949.30)

S5

S4

S3

S2

S1

 

R1

R2

R3

R4

R5

10615.00

10710.80

10806.50

10845.80

10910.20

 

11015.50

11109.60

11203.70

11262.30

11412.40

All technical are for reference only

Key supports: 10845.40-10910.20

Key weekly resistances: 11178.30

200 day moving average at 11178.30 is the key long term resistance. 100 week moving average at 10869.20 is the key long term support. Crash or another wave of sell off will if and only if nifty trades below 10869.20.

However if nifty manages to trade over 10869.20 on daily closing basis till end of the month, then chances of 11500 and more will be very high.

Happy Stock Hunting

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. Websitewww.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Insignia consultants or it employees do not have any trading positions on the trading strategies mentioned above. Our clients do have positions on the trading strategies mentioned in the above report.

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

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PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

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

THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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