Insignia Consultants
New Delhi
Friday, 16 August 2019
TIME
9:29AM IST
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NIFTY (weekly)
Technical Report
Momentum, trader sentiment and global factors are all
bearish for nifty in the very short term. Holidays are over. There should be a
direct correlation between bond yields and nifty index. Nifty and gold are
seeing an inverse correlation. This trend will continue for some more time. It
is very difficult time for day traders and jobbers. These are just long term
(2-3 years) investing time. But, I believe most of us are already invested.
There was hope and optimism that arrival Modi 2.0 could usher a new wave of
rise for the Nifty. The reverse just happened. The message is simple for
investors and traders “Invest and trade only after looking the fundamentals”. Momentum traders should
use trailing stop losses. Indian indices are reflecting fundamentals. Difficult
to predict where the bottom will be but like most, I expect a long term bottom
to be formed by the first week of September.
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NIFTY DAILY TECHNICAL LEVELS (Current
price 10949.30)
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||||||||||
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S5
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S4
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S3
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S2
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S1
|
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R1
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R2
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R3
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R4
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R5
|
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10615.00
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10710.80
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10806.50
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10845.80
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10910.20
|
|
11015.50
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11109.60
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11203.70
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11262.30
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11412.40
|
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All technical are for reference only
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Key supports: 10845.40-10910.20
Key weekly resistances: 11178.30
200 day moving average at 11178.30 is the key long
term resistance. 100 week moving average at 10869.20 is the key long term support.
Crash or another wave of sell off will if and only if nifty trades below
10869.20.
However if nifty manages to trade over 10869.20 on
daily closing basis till end of the month, then chances of 11500 and more will
be very high.
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. All analyses used
herein are subjective opinions of the author and should not be considered as
specific investment advice. Investors/Traders must consider all relevant risk
factors including their own personal financial situation before trading.
Websitewww.insigniaconsultants.in. Prepared by
Chintan Karnani
Disclosure: Insignia
consultants or it employees do not have any trading positions on the trading
strategies mentioned above. Our clients do have positions on the trading
strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
SPECIFIED
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PLEASE
NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE
USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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