NIFTY SPOT TECHNICAL LEVELS: 5th August 2019

Insignia Consultants

New Delhi

Monday, August 5, 2019

TIME 8:50 AM IST                             

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NIFTY (weekly) Technical Report

Foreign investors have withdrawn a net amount of Rs 2,881 crore from the Indian capital markets in the first two sessions of August. I expect to rise today on postpone of draconian measures to prevent foreign portfolio investors (FPI) to invest in India. Every rise will result in short covering. After the initial rise, trend of global stock markets (after UK opens) in the afternoon will dictate Indian stocks. Overall in the medium term, Nifty is bullish as long as it trades over 10600-10700 zone.

NIFTY DAILY TECHNICAL LEVELS (Current price 10997.35)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
10448.10	10579.40	10722.70	10820.80	10888.30		11126.90	11207.10	11271.90	11414.70	11698.70
All technical are for reference only

Key supports: 10722.70

Key weekly resistances: 11228.30-11546.50

100% retracement is at 10729.30. Nifty can rise to 11228.30 and 11546.50 this week as long as it trades over 10722.70-10729.30 zone. Crash or another wave of sell off will be there below 10722.70 only to 10535.30 and 10370.30. Today’s rise (if any) will be mainly due to short covering and value based buying. Tomorrow’s rise will be the key.

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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