Nifty and Bank Nifty Report : 8th November 2019

Insignia Consultants

New Delhi

Friday, November 8, 2019

TIME 10:04 AM IST                          

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NIFTY AND BANK NIFTY Technical Report

Moody has cut India outlook on growth concerns. Global optimism that a US-China trade war will come to an end is preventing nifty and bank nifty from a crash. Momentum is very bullish. Government making policy changes to support the housing market and other measures is also supporting bulls. Next week is the key for continuation of bullish trend. No negative news itself will push nifty and bank nifty to new historical highs and vice-versa. Fundamentals are still weak for nifty.

NIFTY SPOT Current Price					11,992.70
S3	S2	S1		R1	R2	R3
11,600.25	11,796.48	11,900.08		12,085.32	12,188.93	12,385.15
BANK NIFTY SPOT Current Price					30,784.10
S3	S2	S1		R1	R2	R3
29,938.50	30,330.50	30,572.75		30,843.60	31,075.40	31,515.60
All technical are for reference only

Nifty (spot): (current 11992.7)

All time high is at 12103.05. Chances of correction (not a bear trend) will be high as long as 12103.05 is not broken. Crash or sell off will be there today if nifty trades below 11890.60.

Bank Nifty (spot): (current 30784.10)

100% retracement is at 30824.40. Bank nifty needs to break and trade over 30824.40 to rise to 31783. Crash or sell off will be there if 30824.40 is not breached by Monday OR it trades below 30,330.50.

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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