Insignia Consultants
New Delhi
Thursday, October 24, 2019
TIME 9:22 AM
IST
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NIFTY AND BANK
NIFTY Technical Report 24th Oct 2019
Results of the state elections of Haryana and Maharashtra
will affect nifty and bank nifty. On the global front US-China trade deal will
be closely watched. I am very bullish on Nifty and bank nifty till next Diwali.
But remember that twenty percent corrections are always a part of the bull
rally.
Day traders and very short term traders need to remain on the
sidelines, despite very bullish technical.
My
investment advise till next Diwali
Pick a few long term bullish stocks till next Diwali. Just
like a mutual SIP, invest in those stocks every month. BUT review fundamentals
of those stocks every fortnight. I believe that one will be able to get maximum
return.
Nifty
(spot): (current 11661.90)
Key supports: 11464.50-11568.80
Key resistances: 11754.90
100 day MA at 11400.50 is the key support till next week.
Nifty needs to trade over 11400.50 till next to rise to 12056.60. Crash will be
there below 11400.50.
Bank Nifty
(spot): (current 29663.60)
Key supports: 29120.20-29327.20 (100 day MA)
Key resistances: 29723.30-30326.50
Key resistance is at 29723.30. Nifty needs to break and trade
over 29723.30 till tomorrow to rise to 30326 and 30801.40. Sell off will be
there below 29120.20.
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
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on stocks listed in BSE and NSE.
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