NIFTY SPOT TECHNICAL LEVELS: 29th July 2019

Insignia Consultants

New Delhi

Monday, July 29, 2019

TIME 9:03 AM IST                             

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NIFTY Technical Report

I will be looking for trend reversal or a relief rally in Indian stock markets as well global markets. Worst slowdown has been factored in. Quantum of interest rate cut by the Federal Reserve and future direction will affect global stock markets. Auto sector is changing gears as government moves towards electric vehicles. Long term auto sector investment needs a big relook. Auto ancillary companies which will support electric vehicles, electric charging stations, and batteries will outperform others. Metal stocks are still a cyclical play. The worst of banking and NBFC should be over by the end of December. Banking and NBFC are a great long term investment but a short term avoid. Even in banking and NBFC, adoption of technology and future technology like digitization will be the key.

NIFTY DAILY TECHNICAL LEVELS (Current price 11309.55)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11096.20	11135.00	11190.20	11212.40	11239.90		11328.60	11356.10	11427.60	11472.40	11532.60
All technical are for reference only

Key supports: 11036.00-11190.25

Key weekly resistances: 11378.60-11590.80

200 day moving average at 11135.00 is the key medium term support. Nifty needs to trade over 11135 this week to rise to 11590.80 and 11730.80. I am expecting 300-350 points one way moves anytime. If you are a nifty investor then use a trailing stop loss below 10934 and forget. Yes you are right as long as nifty trades over 10934, it still has a chance to rise to 11984 and 12177. Day traders and jobbers need to remain on the sidelines. This week should be a jobbers paradise. A daily close over 11380 today and till Thursday can indicate that a medium term bottom has been formed.

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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