Nifty and Bank Nifty Technical Report : 26th September 2019

Insignia Consultants

New Delhi

Thursday, September 26, 2019

TIME 9:01 AM IST                      

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NIFTY AND BANK NIFTY Technical Report

So far the rise in Nifty and bank nifty has a relief rally after the last Friday’s corporate tax cut and other measures. Now back to reality. Global cues will be the key today and tomorrow. Futures and Options expiry will add to volatility. Sentiment is bullish.

NIFTY DAILY TECHNICAL LEVELS (Current price 10476.75)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
11164.30	11239.20	11320.50	11357.30	11403.00		11550.50	11596.10	11633.00	11714.00	11789.20
All technical are for reference only

Key supports: 10413.00 / Key resistances: 11633.00

100 day MA at 11413 is the initial support. 200 day MA at 11240 is the key support. Nifty needs to trade over 11240 till Monday to rise to 11789 and 12000. Crash or short term bearish phase will be there below 11240. AS daily close below 11400 today can result in more losses tomorrow.

Bank Nifty (spot)

BANK NIFTY (SPOT) DAILY TECHNICAL LEVELS (Current price 29586.05)
S5	S4	S3	S2	S1		R1	R2	R3	R4	R5
10213.40	10314.90	10508.50	10531.60	10662.30		29897.80	30090.70	30246.60	30590.00	30907.00
All technical are for reference only

Key supports: 29417.00 / Key resistances: 30090.70

100 day MA at 29471 is the initial support. Key support is at 29214.90. Bank Nifty needs to trade over 29350-29470 zone to rise to 30056 and 30500. Another wave of sell off will be there below 29350. Trend at the moment is down.

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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