NIFTY SPOT TECHNICAL LEVELS: 22nd May 2019

Wednesday, May 22, 2019

TIME 8:32 AM IST                             

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NIFTY Technical Report

NIFTY DAILY TECHNICAL LEVELS (Current price 11709.10)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11248.20	11482.10	11528.50	11566.10	11648.70		11725.00	11777.90	11855.03	11930.91	12000.95
All technical are for reference only

50 day moving average around 11500 is the key support. Crash or another wave of sell off will be there below 11500. I believe in actual results and not on exit polls. For NSE and Sensex to rise ten more percent, BJP individually needs a super performance. I am not an aggressive buyers as far as the Index is concerned. I prefer selected individual stocks which will give me better return than Index. Day traders and jobbers use high stop losses. This is the best time for day traders and jobbers till Monday. Intraday volatility will be very high till Monday.

In case Nifty breaks and trades over 12012.30 (this is the key resistance), then it will zoom to 12446.30. There will nothing in between. I see 11100-11500-12200 wider. Fall below 11100 will be there only if NDA performs miserably or global factors justify the same.

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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

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NOTES TO THE ABOVE REPORT

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