NIFTY SPOT TECHNICAL LEVELS: 8th July 2019

Insignia Consultants

New Delhi

Monday, July 8, 2019

TIME 9:09 AM IST                             

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NIFTY Technical Report (weekly)

NIFTY DAILY TECHNICAL LEVELS (Current price 11770.45)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11258.20	11401.40	11523.10	11600.40	11718.30		11809.10	11842.30	11896.10	11989.00	12102.20
All technical are for reference only

Budget has been a damn squib. Increase in petrol and diesel prices. There are provisions in the budget to increase the fuel surcharge. Tax on rich and the middle class. All the policies are aimed a debt led growth model. Aping the American will not help India. Modi 2.0 and his team are making policies to increase debt and reduce savings of Indians. India’s growth will rise over the coming months. There will be a big increase in foreign investment in Indian stock markets.

Global factors and monsoon will dictate Nifty and Indian stock markets.

Key weekly support: 11718.30

Key weekly resistances: 11989.10

Support is between 11580-11700 zone. Nifty needs to trade over this zone to rise to 11980 and 12162. Crash will be there below 11580. Trend is neutral.

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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