Nifty and Bank Nifty Report : 11th October 2019

Insignia Consultants

Friday, October 11, 2019   TIME 10:14 AM IST                         

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NIFTY AND BANK NIFTY Technical Report

Most of the bad news is over for banks. Value based buying should result in bank nifty rising between three percent and five percent. Overnight rise in US stock markets should also support nifty. Nifty will zoom to 11700 and more next week if there is a US-China trade deal. If there no deal, then it will be a technical trade. There can be a big gap between today’s close and Monday morning open.

Nifty (spot): (current 11346.10)

Key supports: 11088.75-11237.70

Key resistances: 11407.50

100 day MA at 11407.50 is the initial resistance.  A break of 11407.50 will result in 11570.60 and 11710.80. Corrections upto 11174.70 are a part of the short term bullish trend.

Bank Nifty (spot): (current 28446.35)

Key supports: 28153.10

Key resistances: 28686.90-29278.10

Bank nifty needs to trade over 28153.10 till Monday to rise to 29278.10. Crash will be there below 28153. Key long term resistance is at 100 day moving average of 29423.60.

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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