Nifty and Bank Nifty Technical Report: 20th September 2019

By: Admin
5 weeks ago
5238

Insignia Consultants

New Delhi

Friday, September 20, 2019

TIME 8:26 AM IST                      

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NIFTY AND BANK NIFTY Technical Report

Lack of positive news has resulted in Nifty falling. Global uncertainty prevails. Measures announced to spruce up the Indian economy will take time to give results. There is no magic wand to it. There can short covering in nifty futures before F&O expiry next week. News will be the key. One needs to choose long term investment sector carefully. New age listed companies will the key mover over the coming months. Auto companies and auto ancillary companies which are able to adapt to the electric vehicle (EV) will be the winners. As it is EV is a very crowded space. Competition will be intense. There will be a lot of mergers and acquisition activities in the EV space over the coming years. Traditional banks will get a lot of competition from new age companies like Paytm and others. I am just trying to caution you on long term stock investing. Short term trading and day trading is a different ball game. In short term trading and day trading identifying the momentum of the stocks is the key.

NIFTY DAILY TECHNICAL LEVELS (Current price 10704.80)

S5

S4

S3

S2

S1

 

R1

R2

R3

R4

R5

10213.40

10314.90

10508.50

10531.60

10662.30

 

10818.90

10906.10

10946.70

10996.10

11121.80

All technical are for reference only

Key supports: 10637.15

Key weekly resistances: 10889.90-10915.50 (100 week MA)

Hundred percent retracement is at 10637.15. Nifty needs to trade over 10637.15 till Monday to rise to 11121.80 and 11310.90. Sellers (today) will be there below 10637.15 only. Key long term support is at 10508.50. Nifty needs to trade over 10508.50 over the next two weeks to rise to 11121.80 and 11509.70. Medium term bearish trend will be there only if nifty trades below 10508.50 for  a few days.

Bank Nifty (spot)

Key supports: 26613.20

Key resistances: 26969.80-27108.30 (100 week MA)

BANK NIFTY (SPOT) DAILY TECHNICAL LEVELS (Current price 26757.60)

S5

S4

S3

S2

S1

 

R1

R2

R3

R4

R5

25762.60

26300.00

26546.70

26613.20

26700.10

 

26813.20

26969.80

27077.80

27356.00

27748.10

All technical are for reference only

Hundred percent retracement is at 26560.60. Bank Nifty needs to trade over 26560.60 till next week to rise to 28098 and more. Short term bearish trend will be there only if bank nifty trades below 26560.60.

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. Website www.insigniaconsultants.in. Prepared by Chintan Karnani

Disclosure: Everyone in team Insignia Consultants makes investment in delivery based trades on stocks listed in BSE and NSE.

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