Nifty and Bank Nifty Report : 22nd November 2019

Insignia Consultants

New Delhi

Friday, November 22, 2019

TIME 11:06 AM IST                          

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NIFTY AND BANK NIFTY Technical Report

Bank nifty is bullish and can rise further. Resolution of Essar steel is a big shot in the arm for banks. There is expectation that more and more such deals can result in recovery of bad loans and clean the bank balance sheet. SEBI changes of disclosure norms on loans will also be positive for bank nifty.

Nifty is just rising on better growth than Asian peers. There is nothing positive on the domestic front. Speculation that India will give massive tax breaks to large global manufacturing companies to lure them to India from China is also supporting nifty and Indian stock markets. However big rally in small caps and tiny caps are history. Only selected stocks with very strong fundamentals are rising. It is better to look at sector fundamental and then stock fundamentals and then invest. Day trades and very short term traders should trade on technical only.

NIFTY SPOT Current Price					11,942.80
S3	S2	S1		R1	R2	R3
11,706.95	11,824.88	11,887.14		11,998.46	12,060.73	12,178.65
BANK NIFTY SPOT Current Price					31,295.00
S3	S2	S1		R1	R2	R3
31,037.40	31,166.20	31,234.21		31,355.79	31,423.80	31,552.60

Nifty (spot): (current 11942.80)

Key resistance till next week is at 11980.90. Nifty needs to trade over 11980.90 to rise to 12066.40 and 12301.90. Intraday sell off will be there below 11895.40. Till next week, crash will be there below 11779.70.

Bank Nifty (spot): (current 31295.00)

Bank nifty can rise to 31441.90 and 31875.30 by next week as long as it trades over 31008.40. Crash or sell off will be there if 31441.90 is not broken by next week,

Volatility will rise due to future and option expiry next week. Sharp correction without any reason cannot be ruled out. Day traders and jobbers need to be very careful.

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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