NIFTY SPOT TECHNICAL LEVELS: 3rd June 2019

Insignia Consultants

New Delhi

Monday, June 3, 2019

TIME 8:01 AM IST                             

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NIFTY Technical Report (weekly)

NIFTY DAILY TECHNICAL LEVELS (Current price 11922.80)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11695.95	11750.39	11809.38	11836.14	11869.26		11976.34	12009.46	12036.23	12095.21	12149.65
All technical are for reference only

Nifty and Sensex will fall if global factors override momentum. Unemployment numbers and growth numbers are pathetic and way below expectation. A lot of repair has to be done by the reelected Modi government. Global factors are also strained due to trade war issues. It will be easy to balance hard, growth orientated decision versus populism. Delay in arrival od monsoon will increase food price inflation. RBI meeting on 6^th June will be the key. Trader and everyone are expecting an interest rate cut.

Key weekly support: 11698.10

Key weekly resistances: 12149.60

Momentum traders use stop loss below 11800 on their long positions. Those who are short should use stop loss over 12150. I will prefer to trade and invest cautiously till Thursday. Anything can happen. Volatility will be very high as the week progresses. Selecting the right sector is more important apart from picking the stocks.

Nifty has to break and trade over 12150 on or after 10^th June to be a big bull zone and target 12631 and 12853. Rallies till 7^th June could be fake.

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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