NIFTY SPOT TECHNICAL LEVELS: 1st July 2019

Insignia Consultants

New Delhi

Monday, July 1, 2019

TIME 7:31 AM IST                             

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NIFTY Technical Report (weekly)

NIFTY DAILY TECHNICAL LEVELS (Current price 11788.85)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11277.50	11400.22	11533.18	11593.51	11668.17		11909.53	11984.19	12044.53	12177.48	12300.20
All technical are for reference only

The budget will impact stocks. No further escalation of US-China trade war can result in a relief rally for global stock markets and also rally for Indian stock markets. I believe that the budget will have measures which will induce spending. Monsoon progress is still a concern for Indian economy. Delayed monsoon will imply higher food inflation. Export stocks will not do well as global factors are adverse. One needs to look for bargain in auto sector (for the long term) despite all the negative news. There should be greater mergers and acquisitions in NBFC and banks. Summer vacations are over airlines fares should be off the peak.

Key weekly support: 11441.60

Key weekly resistances: 12074.40

100 day moving average at 11441.60 is the key long term support. Nifty needs to trade over 11441.60 this week to rise to 12300 and more. Yes, there can be big 350-400 points one way moves anytime this week. Momentum as well as expectation is bullish before the budget. However if the budget turns out to be a damn squib, then there will be a sell off to 11441.60 and 11101.90. This is not the week for low risk traders.

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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